Slide 1: Second-Quarter 2026 Financial and Operational Supplement
Second-Quarter 2026 Financial and Operational Supplement August 5, 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: APA's Differentiated Investment Case
APA’s Differentiated Investment Case Durable, High-Quality Visible Organic Oil Growth Core Portfolio Stable, Predictable FCF Foundation in >5% 3-Year Oil CAGR Permian and Egypt Capital Efficient Asset Base Significant Exploration Upside Attractive Reinvestment Rates in Permian Catalysts in Suriname,
Slide 4: Strong Execution Supporting Higher FCF
Strong Execution Supporting Higher FCF Recent Highlights Outstanding Execution on Core Assets Strategic Progress – Delivered 2Q26 U.S. oil production 2.5 Mbbl/d – Significant debt reduction strengthens financial above guidance flexibility – Nearly 50% of Egypt gas receiving new higher – Raised FY26
Slide 5: Strengthening Cost Leadership Position
Strengthening Cost Leadership Position Increasing 2026 Exit Run-Rate Controllable Cost Savings from $450MM to $500MM Run-Rate Controllable Cost Savings since 2024 Exit ($MM) Cash Flow Improvement $500MM controllable cost savings + $175MM interest expense savings +$50 $500 = $675MM total annualized b
Slide 6: Diversified Portfolio Drives $2.3Bn of Free Cash Flow
Diversified Portfolio Drives $2.3Bn of Free Cash Flow 2026E Free Cash Flow(1) ($Bn) Investor Takeaways Long-Term Returns Diversified Portfolio Growth Investment Corporate Costs Capacity Diversified Portfolio – Multiple cash sources and $0.1 $3.5 flexibility through the cycle $0.6 Long-Term Growth In
Slide 7: Returning 60% of Annual FCF to Shareholders
Returning 60% of Annual FCF to Shareholders Delivering Substantial Capital Returns While Strengthening the Balance Sheet Annual Capital Returns Profile ($Bn) Share Repurchases ~$900MM of 2H26 Share Dividends Repurchases $1.6 60% ~$1.4 Strong Capital Returns Framework OF 2026E FCF TO BE RETURNED TO $
Slide 8: Maintaining a Strong Balance Sheet
Maintaining a Strong Balance Sheet Investment Grade Balance Sheet Debt Maturity Profile ($MM) ⎻ Net debt target of $3.0Bn ⎻ IG credit ratings: Baa3 / BBB- / BBB- ~$2.8Bn ⎻ Repaid $2.3Bn of total debt since YE 2024, ⎻ Average maturity of ~16 years and coupon of 5.7% including $752MM of near-term matu
Slide 9: Asset Overview
Asset Overview APA CORPORATION 9
Slide 10: Permian Asset Anchors Long-Term FCF Generation
Permian Asset Anchors Long-Term FCF Generation U.S. Upstream Expected to Generate $1.8Bn of Free Cash Flow in 2026E 10+ Years of Economic Inventory(1) Dual-Basin Presence Provides Capital Allocation $100 Optionality Delaware Basin Midland Basin WTI oil price for 10% IRR ($ / bbl) $80 159,000 Net Acr
Slide 11: U.S. Sustaining >120 MBOPD With ~40% Less Capital
U.S. Sustaining >120 MBOPD With ~40% Less Capital Production Capital D&C(2) E&F(2) ($/lateral ft) ($/lateral ft) Consistency Efficiency $50/ft lower since 1Q26 earnings >120 ~40% Lower $930 $550 - $200 $600 $100 Mbbl/d oil sustained 2024 to 2026E capital 2024 2026E 2024 2026E (1) (1) U.S. Oil U.S. C
Slide 12: Driving Structural LOE Reductions in the Permian
Driving Structural LOE Reductions in the Permian Consolidated Gas Treating Infrastructure Equipment Construction at Central Facilities ⎻ Portfolio-wide initiatives with attractive payback periods drive durable LOE reductions, improve asset reliability and increase uptime ⎻ Facility consolidation and
Slide 13: Egypt: Strong Free Cash Flow Generation
Egypt: Strong Free Cash Flow Generation Maintaining FY2026E Gross BOE Volumes and Free Cash Flow (1) Trajectory Building Long Term Value FY24 gas(5) = 433 MMcf/d FY25 gas(5) = 477 MMcf/d Localized gas infrastructure 207 207 constraints ~$600 MM ~$600 MM ⎻ Long-standing strategic partnership Mboe/d M
Slide 14: Suriname GranMorgu: Development on Track
Suriname GranMorgu: Development on Track Project Stats Suriname Expected Free Cash Flow ($MM) $1,600 $60 Brent Scenario >750 MMBO 220 MBO/D $1,200 $80 Brent Scenario Estimated Recoverable Oil Production Resource Capacity $800 Mid-2028 40% WI $400 Expected Carry Agreement Reduces First Oil Capital Ex
Slide 15: Suriname GranMorgu: World-Class Opportunity
Suriname GranMorgu: World-Class Opportunity APA’s Interest in GranMorgu Equates to Top-Tier Cash Field Margin(2)(3)(4) 400 Midland Basin Locations at ~30% of the Cost ($ / BOE) Midland Basin GranMorgu (Industry (APA Net) Average)(1) $60 EUR (Oil) 180 MMBO + 180 MMBO GranMorgu $45 Total Capital Inves
Slide 16: Differentiated Exploration Platform
Differentiated Exploration Platform Exploration Portfolio Highlights Global Exploration Portfolio Suriname ALASKA – Extensive inventory of high-impact exploration opportunities – Exploration activity to resume in 2027 PERMIAN Alaska SURINAME EGYPT – Recently announced Savant acquisition expected to
Slide 17: Emerging Upside Potential in Alaska
Emerging Upside Potential in Alaska Highlights Strategic Infrastructure Position – Extensive acreage footprint exclusively on state lands – Two high-quality discoveries underpinning two-well program planned for 2027 – Savant acquisition(1) will establish scalable platform across APA's eastern North
Slide 18: Differentiated Gas Trading Portfolio
Differentiated Gas Trading Portfolio Expect Third-Party Purchases & Sales to Generate $950 Million of Pre-Tax Cash Flow in 2026 Contract Summary 2026E Differentiated Gas Trading Cash Flow ($MM)(1) ~750,000 140,000 ~$950 MMbtu/d Firm Transport MMbtu/d LNG Volume 2H FT $75 – Primary contracts expire i
Slide 19: Limited FCF Impact from Waha Price Changes in 2026
Limited FCF Impact from Waha Price Changes in 2026 2026 Firm Transport and US Production Exposure (MMbtu/d) Illustrative 2026 Sensitivity ($MM) ~750,000 ~$600 ~$600 TOTAL FIRM TRANSPORT ~245,000 HEDGED ~500,000 ~500,000 UNHEDGED ≈ WAHA-EXPOSED SIMILAR EXPOSURE $0.50/MMbtu Waha $2.50/MMbtu Waha $3.00
Slide 20: Guidance
APA Corporation Guidance APA CORPORATION | 20
Slide 21: Guidance
Guidance Average Daily Production (‘000) 3Q 2026 FY 2026 (1) Total Company Reported (Oil / BOE) 215 / 439 218 / 429 Includes FY North Sea production of 19 Mbo/d & 24 Mboe/d (1) Total Company Adjusted (Oil / BOE) 178 / 374 179 / 361 U.S. (Oil / BOE) 124 / 288 123 / 272 4Q26 US oil of 121 Mbo/d (1) Eg
Slide 22: Appendix
APA Corporation Appendix APA CORPORATION | 22
Slide 23: Upstream Capital Investment
Upstream Capital Investment ($ in millions) 1Q 2026 2Q 2026 United States – Lower 48 $379 $379 Egypt (excluding noncontrolling $108 $123 interest) North Sea $1 $3 DC&F Capital (Permian, Egypt, $488 $505 North Sea) Suriname $74 $41 Uruguay $1 $0 United States – Alaska $1 $0 Upstream Capital Investmen
Slide 24: Egypt Production Detail
Egypt Production Detail 1Q 2026 2Q 2026 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 121,472 517,623 207,743 117,056 538,925 206,877 Reported Production 86,736 381,406 150,304 70,139 327,286 124,687 % Gross 71% 74% 72% 60% 61% 60% Less: Tax Barrels 24,857 110,125 43
Slide 25: 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 July – December 2026(1) NYMEX Henry Hub / IF Waha 45,080 $(1.96) - - (1) Derivative posit
Slide 26: 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 27: Non-GAAP Reconciliations
Non – GAAP Reconciliations APA CORPORATION 27
Slide 28: 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 29: Non-GAAP Reconciliation: 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 30: 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 31: 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 32: 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 33: apacorp.com
APA Corporation apacorp.com