Slide 1: First-Quarter 2025 Financial and Operational Supplement
First-Quarter 2025 Financial and Operational Supplement May 7, 2025
Slide 2: Notice to Investors
Notice to Investors Certain statements in this earnings supplement contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including, without limitation, expectations, beliefs, plans, and objectives r
Slide 3: Permian and Egypt Durability with Visible Growth
Permian and Egypt Durability with Visible Growth Building a Sustainable Base, Anchored by Permian and Egypt ⎻ Permian Basin 75% of total Adjusted Production ⎻ Transformed Permian into large-scale, focused unconventional position ⎻ Egypt oil (2021) & gas (2024) terms renegotiated, improving economics
Slide 4: Early Progress on Controllable Spend
Early Progress on Controllable Spend Increasing 2025 Expected Realized Savings to $130MM, Doubling YE25 Run-Rate Savings Target to $225MM FY25 Expected Realized Savings Target Original 2025 Realized Savings Target $60 Million May-2025 Increase $70 Million Updated 2025 Realized Savings Target $130 Mi
Slide 5: Driving Permian Capital Efficiency
Driving Permian Capital Efficiency Doing More with Less in the Permian(1) ⎻ Reducing Permian rig count from 8 to 6 in 2Q25 2023 2024 2025 (APA + CPE) (APA + 1Q CPE) (Guidance) ⎻ Lowering FY25 U.S. capital guidance by $130MM Permian Rigs 11 10 ~6.75 (Annual Average) ⎻ U.S. oil production guidance unc
Slide 6: Realizing Significant Permian Drilling Efficiencies
Realizing Significant Permian Drilling Efficiencies Average Feet Drilled per Day Improvements have reduced Rigs required to maintain flat U.S. Midland Basin rigs required to deliver production have decreased from 8 to 6.5 ~1,700 maintenance U.S oil due to improved drilling performance production fro
Slide 7: 2025 Permian Activity Cadence
2025 Permian Activity Cadence Permian Capital and U.S. Oil Production(1) Highlights – Reducing rig count from 8 to 6 by the end of 125 130 600 122 the second quarter 120 500 110 – Adjusting completion timing to better align 100 with revised rig count 400 90 – 2H25 capital expected to be 33% lower th
Slide 8: Strong Progress and Outlook for Egypt Gas
Strong Progress and Outlook for Egypt Gas – Year-over-year growth in gas volumes for the first time in 12 years – Material exploration and appraisal prospects with access to existing infrastructure – New pricing agreement allocates higher fixed price on incremental volumes above pre-determined PDP d
Slide 9: APA's Differentiating Factors in a Lower Oil Price Environment
APA’s Differentiating Factors in a Lower Oil Price Environment Egypt PSC & Oil & Gas Marketing Cost Focus Gas Opportunity Contracts ⎻ Rigorously managing Capital, LOE, $575 Million In 2025E Third-Party Trading Income ⎻ APA receives a higher portion of net Overhead cost structure to deliver productio
Slide 10: First Quarter and Asset Overview
First Quarter and Asset Overview APA CORPORATION 10
Slide 11: First Quarter in Review
First Quarter in Review Highlights 1Q 2025 Global Portfolio Corporate Global ⎻ Development capital below guidance primarily due to drilling efficiencies in the Permian and Egypt 468,978 BOE/D 50% / 17% / 33% Reported Production Oil / NGL / Gas ⎻ Moved Apache debt to APA and refinanced credit facilit
Slide 12: Operations Anchored by the Permian and Egypt
Operations Anchored by the Permian and Egypt Competitive Permian Cornerstone Egypt: Free Cash Flow Durability with Gas Upside Permian Net Acres (‘000)(1)(2) Permian Production (Mboe/d)(1)(3) ⎻ Strong stable free cash flow generation ⎻ Recent changes to the PSC improve economic durability 478 310 U.S
Slide 13: Exploration Portfolio Led by Suriname Block 58
Exploration Portfolio Led by Suriname Block 58 Exploration Portfolio Highlights Suriname Expected Free Cash Flow Profile(1) Suriname $MM $60 Brent Scenario ⎻ 220,000 B/d oil project underway with partner TotalEnergies $80 Brent Scenario ⎻ APA’s carry agreement significantly reduces capital exposure
Slide 14: Suriname GranMorgu: World Class Opportunity
Suriname GranMorgu: World Class Opportunity APA’s Interest in GranMorgu Equates to Top Tier Cash Field Margin(2)(3)(4) 400 Midland Basin Locations at ~30% of the Cost ($ / BOE) GranMorgu Midland Basin (APA Net) (Average Well)(1) EUR (Oil) 180 MMBO + 180 MMBO GranMorgu $60 Total Capital Invested ~$1.
Slide 15: Guidance Updates
Guidance Updates APA CORPORATION 15
Slide 16: Third-Party Oil & Gas Trading Summary
Third-Party Oil & Gas Trading Summary 2025 Pre-Tax Margin Guidance(1)(3) ⎻ 1Q25 realized gain of ~$123 million ⎻ During the first quarter, hedged ~67% of $575 2Q25-4Q25 firm transport volumes 2Q25-4Q25 $120 Oil, Gas, & LNG at Strip(3) ⎻ LNG volumes remain unhedged Firm Transport 2Q25-4Q25 MMbtu/d In
Slide 17: Guidance
Guidance Average Daily Production (‘000) 2Q 2025 FY 2025 Total Company Reported (Oil / BOE) (1) 231 / 457 233 / 463 FY25 Includes North Sea production of 22 Mbo/d & 27 Mboe/d (1) Total Company Adjusted (Oil / BOE) 191 / 391 193 / 396 U.S. (Oil / BOE) 122 / 289 125 - 127 / 296 (1) Egypt Reported (BOE
Slide 18: Appendix
APA Corporation Appendix APA CORPORATION | 18
Slide 19: Strong Balance Sheet and Manageable Maturities
Strong Balance Sheet and Manageable Maturities 1Q25 Activity Obligor Exchange & Tender Offer Overview ($ in millions) Apache APA Total ⎻ Moved ~$3.6B Apache bonds to APA $4,835 - $4,835 Bonds Outstanding (12/31/24) ⎻ Reduced bonds by ~$200MM Obligor Exchange (2,741) 2,740 (1) Tender Offer (1,000) -
Slide 20: Reconciliation to Non-GAAP Definition Update
Reconciliation to Non-GAAP Definition Update Changing Definitions for Upstream Capital Investment and Free Cash Flow; No Impact to Bottom Line Old Definitions Reference 1Q25 Non-GAAP Free Cash Flow ($MM) Upstream Capital Investment previously included Abandonment Spend 1 and Leasehold Acquisition co
Slide 21: Upstream Capital Investment
Upstream Capital Investment 1Q 2025 ($ in millions) United States* $480 Egypt (excluding noncontrolling interest) $112 North Sea $2 Suriname $116 Upstream Capital Investment Total** $710 *United States capital includes ~$41 million of Alaska exploration investment in 1Q25. **Excludes ~$27MM of cash
Slide 22: Egypt Production Detail
Egypt Production Detail 4Q 2024 1Q 2025 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 134,504 438,052 207,513 128,025 456,955 204,184 Reported Production 89,927 300,118 139,947 86,173 317,209 139,041 % Gross 67% 69% 67% 67% 69% 68% Less: Tax Barrels 22,402 75,395 34,
Slide 23: Commodity Derivative Instruments
Commodity Derivative Instruments Basis Swap Purchased Basis Swap Sold MMBtu Weighted Average MMBtu Weighted Average Production Period Settlement Index (in 000’s) Price Differential (in 000’s) Price Differential April – December 2025 NYMEX Henry Hub / IF Waha 126,500 $(3.16) - - April – December 2025
Slide 24: Glossary of Referenced Terms
⎻ Upstream Capital Investment: Includes exploration, development, gathering, processing, and transmission capital, and capitalized overhead. Excludes capital investment for property and leasehold acquisitions, non-cash asset retirement additions and revisions, Glossary of capitalized interest, certa
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations APA CORPORATION 25
Slide 26: Non-GAAP Reconciliation: Adjusted EBITDAX
Non – GAAP Reconciliation Adjusted EBITDAX Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDAX Management believes EBITDAX, or earnings before income tax expense, interest expense, depreciation, amortization and exploration expense is a widely accepted financial indicator
Slide 27: Non-GAAP Reconciliation: Cash Flow and Free Cash Flow
Non – GAAP Reconciliation Cash Flow Before Changes in Operating Assets & Liabilities and Free Cash Flow Reconciliation of Net Cash Provided by Operating Activities to Cash Flows from Operations before Changes in Operating Assets and Liabilities and Free Cash Flow Cash flows from operations before ch
Slide 28: Non-GAAP Reconciliation: Segment Cash Flows
Non – GAAP Reconciliation Segment Cash Flows Reconciliation of Net Cash Provided by Operating Activities to Cash Flows from Continuing Operations before Changes in Operating Assets and Liabilities Cash flows from operations before changes in operating assets and liabilities is a non-GAAP financial m
Slide 29: Non-GAAP Reconciliation: Net Debt
Non – GAAP Reconciliation Net Debt Reconciliation of Debt to Net Debt Net debt, or outstanding debt obligations less cash and cash equivalents, is a non-GAAP financial measure. Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by
Slide 30: Non-GAAP Reconciliation: Upstream Capital Investment
Non – GAAP Reconciliation Upstream Capital Investment Reconciliation of Costs Incurred to Upstream Capital Investment Management believes the presentation of upstream capital investments is useful for investors to assess APA's expenditures related to our upstream capital activity. We define capital
Slide 31: apacorp.com
APA Corporation apacorp.com