Slide 1: Fourth-Quarter 2025 Financial and Operational Supplement
Fourth-Quarter 2025 Financial and Operational Supplement February 25, 2026
Slide 2: Notice to Investors
Notice to Investors Forward-looking Statements: Certain statements in this earnings supplement contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limi
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 anchors portfolio with 75% of adjusted production, estimated 10+ years of economic inventory ⎻ Egypt oil (2021) & gas (2024) terms renegotiated, improving economics and increasing du
Slide 4: 2025 Highlights
2025 Highlights – Met or exceeded production guidance each quarter on lower- than planned capital Execution – Captured $300MM+ in cost savings, exiting the year at $350MM run rate United – 30% reduction in D&C cost per lateral ft. Y/Y States – Oil production(1) held flat on fewer rigs and lower capi
Slide 5: 4Q25 Highlights
4Q25 Highlights Highlights 4Q25 Global Portfolio Corporate 459,767 BOE/D Reported Production ⎻ Accelerated controllable spend reduction 53% / 17% / 30% ⎻ Returned $154 million to shareholders via dividends & buybacks Oil / NGL / Gas United States $193 Million(1) Net Gas Trading Gain ⎻ Delivered oil
Slide 6: Committed to Strong Balance Sheet & Shareholder Returns
Committed to Strong Balance Sheet & Shareholder Returns Strong Balance Sheet Shareholder Returns Net Debt(1) Net Debt/Adjusted EBITDAX(1) Dividends $5.4Bn 44% $4.0Bn 0.9x 0.7x Share $640MM Repurchases Returned to Shareholders 27% in 2025 Net Debt 56% Reduction in 2025 (1) (1) YE24 YE25 YE24 YE25 Com
Slide 7: Path to Cost Leadership
Path to Cost Leadership Expect $450MM of Run Rate Savings by Year-End 2026 Controllable Spend Profile ($Bn)(1) $4.5 $0.5 $0.5 $0.4 $0.4 ⎻ Excludes interest savings of $4.2 Captured $4.0 $300MM+in $80MM in 2025 and 2025 $0.3 $0.3 incremental $45MM in 2026 $3.8 $3.9 ~$100MM related to $0.1 lower activ
Slide 8: Execution Driven Reserves Growth
Execution Driven Reserves Growth 2025 APA Reserves (MMboe) 66 172 1,056 37 (170) (19) 969 Reserves Growth ⎻ Organic reserve replacement ratio of 162% ⎻ Reserve outcome reinforces durability of Permian and Egypt assets YE24 Pricing(1) US Egypt Production Sales YE25 (1) Primarily attributable to highe
Slide 9: Permian
APA Corporation Permian APA CORPORATION | 9
Slide 10: Permian Asset Anchors Long Term FCF Generation
Permian Asset Anchors Long Term FCF Generation Greater Than 95% of Acreage Held by Production Portfolio Management Delaware Basin Midland Basin – High-graded acreage position through 166,000 Net Acres 288,000 Net Acres Callon Acquisition – Divested non-core New Mexico and CBP assets Significant Cost
Slide 11: Cost Reductions Drive Permian Inventory Duration
Cost Reductions Drive Permian Inventory Duration Competitive Development Costs Drilling & Completion Cost Per Lateral Foot(1) Delaware Basin Midland Basin – 30% reduction in per-foot D&C costs vs. 2024 – Driven by structural efficiency gains and improved execution $800 $795 $725 - $775 $725 – Expect
Slide 12: 10+ Years of Economic Permian Inventory
10+ Years of Economic Permian Inventory Reflects Current Cost Structure Economic Inventory Breakeven Distribution (Gross)1 $100 ~1,700 locations achieve Gross Locations by Basin More than 1,000 >10% return at $75 locations achieve >10% Delaware return at $50 Basin $80 WTI oil price for 10% IRR ($ /
Slide 13: Delaware Basin: Identified Technical Upside
Identified Technical Upside Reinforces Long-Term Trajectory Economic Inventory Economic Inventory + Technical Upside Delineation ~1,700 locations ~3,400 locations Focus Expand economic limits of the Midland Basin basin ~1,850 – Multiple shallow and deep step-out ~1,150 Potential locations tests plan
Slide 14: Maintaining Permian Production on Lower Capex
Maintaining Permian Production on Lower Capex 2026 Development Capital down 20% Y/Y Flat US Oil Production on Lower Capex(1) 2026E Permian Capital Profile ($MM) Includes ~3 Mbo/d Uptime & LOE 140 weather Reduction Projects 123 120-122 $2.8 impact to 120 $100 1Q26 $2.4 100 $2.0 $1.5 Base & 80 $1.3 $1
Slide 15: Other Assets Overview
Other Assets Overview APA CORPORATION 15
Slide 16: High Quality Egypt Resource Base Continues to Grow
High Quality Egypt Resource Base Continues to Grow – Gas focused activity increasing to 40%-50% of the 2026 program – Withdrew from non-core concession, outside of Merged Concession Area – 1Q26 gross volume impact of 4 MMcf/d (2 Mboe/d), FY26 gross volume impact of 8 MMcf/d (4 Mboe/d) (1) – New pric
Slide 17: Large Egypt Acreage Position Supported by Infrastructure
Large Egypt Acreage Position Supported by Infrastructure ⎻ APA holds the largest onshore oil APA Egypt Acreage: ~7.5 Million Acres and gas leasehold position in Egypt ⎻ Strong partnership of over three decades with the Egyptian government ⎻ Acreage position largely underexplored for natural gas, cre
Slide 18: 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 $1,000 ⎻ Exploration resuming in 4Q26 $500 Alaska ⎻ Conducted f
Slide 19: Suriname GranMorgu: Project Update
Suriname GranMorgu: Project Update Project Delivery on Track Project Stats >750 MMBO 220 MBO/D Estimated Recoverable Oil Production ⎻ FY26E development capital of $230MM Resource Capacity ⎻ Project costs remain in-line with estimates Mid-2028 40% WI provided at FID Expected Carry Agreement Reduces F
Slide 20: Suriname GranMorgu: World Class Opportunity
Suriname GranMorgu: World Class Opportunity APA’s Interest in GranMorgu Equates to Top Tier Cash Field Margin(2)(3)(4) 400 Midland Basin Locations at ~30% of the Cost ($ / BOE) GranMorgu Midland Basin (APA Net) (Average Well)(1) EUR (Oil) 180 MMBO + 180 MMBO GranMorgu $60 Total Capital Invested ~$1.
Slide 21: APA's Differential Gas Trading Portfolio
APA’s Differential Gas Trading Portfolio Expect Third-Party Purchases & Sales to Generate $650 million of Pre-Tax Cash Flow in 2026 Permian Firm Transport Contracts Cheniere Global LNG Contract ⎻ ~750,000 MMbtu/d of contracted firm capacity ⎻ 140,000 MMbtu/d contract volume ⎻ Primary contracts expir
Slide 22: Guidance
APA Corporation Guidance APA CORPORATION | 22
Slide 23: 2026 Plan Overview
2026 Plan Overview Focused on Cost Management and Capital Efficiency in 2026+ Plan Highlights Planned Activity & Cash Flow Sensitivity $2.1Bn Total Upstream Capital, down 10% Y/Y Permian 5 rigs, down from ~6.5 rigs in 2025 Permian Capital, down 15% Y/Y 12 total rigs $1.3Bn (includes $100MM of LOE re
Slide 24: Guidance
Guidance Average Daily Production (‘000) 1Q 2026 FY 2026 (1) Includes FY North Sea production of 19 Mbo/d & 24 Mboe/d Total Company Reported (Oil / BOE) 225 / 440 217 / 436 (1) Total Company Adjusted (Oil / BOE) 185 / 371 180 / 371 U.S. (Oil / BOE) 121 / 270 120 - 122 / 275 Contemplates ~5 Mboe/d of
Slide 25: Appendix
APA Corporation Appendix APA CORPORATION | 25
Slide 26: Upstream Capital Investment
Upstream Capital Investment ($ in millions) 1Q 2025 2Q 2025 3Q 2025 4Q 2025 United States – Lower 48 $439 $486 $350 $230 Egypt (excluding noncontrolling interest) $112 $115 $131 $136 North Sea $2 -- $5 $6 DC&F Capital (Permian, Egypt, North Sea) $553 $601 $486 $372 Suriname $116 $31 $53 $59 Uruguay
Slide 27: Egypt Production Detail
Egypt Production Detail 3Q 2025 4Q 2025 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 124,944 508,346 209,668 125,262 500,593 208,694 Reported Production 89,493 374,236 151,866 88,952 365,216 149,821 % Gross 72% 74% 72% 71% 73% 72% Less: Tax Barrels 23,090 97,273 39,
Slide 28: 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 January – December 2026(1) NYMEX Henry Hub / IF Waha 89,425 $(1.96) - - (1) Derivative po
Slide 29: 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 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations APA CORPORATION 30
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: apacorp.com
APA Corporation apacorp.com