Slides
Page 1
Financial and Operational Supplement February 25, 2026 Fourth-Quarter 2025
Page 2
APA CORPORAT ION Notice to Investors 2 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 limitation, expectations, beliefs, plans, and objectives regarding anticipated financial and operating results, cost reductions, rig counts, asset divestitures, estimated reserves, drilling locations, inventory quantity, life, and quality, capital expenditures, asset retirement and decommissioning obligations and spending, price estimates, tax savings, first oil and future drilling in Suriname, typical well results and well profiles, type curve, and production and operating expense guidance included in this earnings supplement. Any matters that are not historical facts are forward looking and, accordingly, involve estimates, assumptions, risks, and uncertainties, including, without limitation, risks, uncertainties, and other factors discussed in our most recently filed Annual Report on Form 10-K, recently filed Quarterly Reports on Form 10-Q, and recently filed Current Reports on Form 8-K, available on our website at www.apacorp.com, and in our other public filings and press releases. These forward-looking statements are based on APA Corporation’s (APA) current expectations, estimates, and projections about the company, its industry, management’s beliefs, and certain assumptions made by management. No assurance can be given that such expectations, estimates, or projections will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this earnings supplement, including the company’s ability to meet its production targets, successfully manage its capital expenditures, complete, test, and produce the wells and prospects identified in this earnings supplement, successfully plan, secure necessary government approvals for, finance, build, operate, and maintain the necessary infrastructure, achieve its production and budget expectations on its projects, and achieve its cost reduction goals, including for both run-rate and realized savings. Such factors also include commodity price volatility, regulatory and tax changes, trade policies, sanctions, and geopolitical risks. Whenever possible, these “forward-looking statements” are identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “may,” “might,” “outlook,” “possible,” “potential,” “projects,” “prospects,” “target,” “should,” “upside,” “would,” “will,” and similar phrases, but the absence of these words does not mean that a statement is not forward-looking. Because such statements involve risks and uncertainties, the company’s actual results and performance may differ materially from the results expressed or implied by such forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Unless legally required, we assume no duty to update these statements as of any future date. However, you should review carefully reports and documents that the company files periodically with the United States Securities and Exchange Commission (SEC). Cautionary Note to Investors: The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable, and possible reserves that meet the SEC’s definitions for such terms. We may use certain terms in this earnings supplement, such as “resource,” “resource potential,” “net resource potential,” “potential resource,” “resource base,” “identified resources,” “potential net recoverable,” “potential reserves,” “unbooked resources,” “economic resources,” “net resources,” “undeveloped resource,” “net risked resources,” “inventory,” “upside,” and other similar terms that the SEC guidelines strictly prohibit us from including in filings with the SEC. Such terms do not take into account the certainty of resource recovery, which is contingent on exploration success, technical improvements in drilling access, commerciality, and other factors, and are therefore not indicative of expected future resource recovery and should not be relied upon. Investors are urged to consider carefully the disclosure in APA’s most recently filed Annual Report on Form 10-K, available at apacorp.com or by writing to: 2000 W. Sam Houston Pkwy. S., Suite 200, Houston, Texas 77042 (Attn: Corporate Secretary). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at www.sec.gov. Non-GAAP Measures: Certain information may be provided in this earnings supplement that includes financial measurements that are not required by, or presented in accordance with, generally accepted accounting principles (GAAP). These non-GAAP measures should not be considered as alternatives to GAAP measures, such as net income, total debt, or net cash provided by operating activities, and may be calculated differently from, and therefore may not be comparable to, similarly titled measures used at other companies. For a reconciliation to the most directly comparable GAAP financial measures, please refer to APA’s fourth-quarter and full-year 2025 earnings release at apacorp.com and “Non-GAAP Reconciliations” of this earnings supplement. Unaudited Information: None of the information contained in this document has been audited by any independent auditor. This earnings supplement is prepared as a convenience for securities analysts and investors and may be useful as a reference tool. We may elect to modify the format or discontinue publication at any time, without notice to securities analysts or investors. About APA: APA owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt, and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website at apacorp.com.
Page 3
APA CORPORAT ION Defined Capital Allocation Strategy with Improving Balance Sheet ⎻ Return at least 60% of free cash flow to investors through base dividend and share repurchases ⎻ Continue to strengthen balance sheet and credit metrics ⎻ Long-term net debt target of $3.0 billion ⎻ Strong liquidity and advantageous long-dated debt maturity profile Differentiated Exploration Upside as Demonstrated by Suriname Success ⎻ Progressing towards first production in Suriname; significant FCF growth upside starting in 2028 ⎻ Balanced exploration portfolio across basin maturity and risk profile, from step-out focus in the Permian & Egypt to play-opening opportunities in Uruguay & Alaska ⎻ Pursuing scalable and impactful opportunities with attractive cost of supply 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 duration ⎻ Egypt gas at parity with mid-cycle Brent price economics; significant potential for long-term success Permian and Egypt Durability with Visible Growth 3
Page 4
APA CORPORAT ION 4 2025 Highlights Execution United States International Balance Sheet – Met or exceeded production guidance each quarter on lower- than planned capital – Captured $300MM+ in cost savings, exiting the year at $350MM run rate – 30% reduction in D&C cost per lateral ft. Y/Y – Oil production(1) held flat on fewer rigs and lower capital spend – Increased Egypt gross gas production ~10% Y/Y – Eliminated past due receivable balance – Expanded Western Desert footprint by ~2MM acres (+35%) – Significantly reduced offshore operating cost in North Sea – Reduced net debt(2) by more than $1.4Bn and initiated a long-term net debt target of $3.0Bn – ~$80MM interest expense savings (1) Adjusted for 2024 & 2025 A&D activity (2) For a reconciliation to the most directly comparable GAAP financial measure, please refer to the Non-GAAP reconciliations
Page 5
APA CORPORAT ION 5 4Q25 Global Portfolio 459,767 BOE/D Reported Production 53% / 17% / 30% Oil / NGL / Gas Highlights 281,051 BOE/D Reported Production United States 47% / 27% / 26% Oil / NGL / Gas 178,716 BOE/D Reported Production International 62% / 1% / 37% Oil / NGL / Gas 4Q25 Highlights (1) Includes third-party net gain on oil and gas purchases and sales and $22MM realized loss on commodity derivatives (2) For a reconciliation to the most directly comparable GAAP financial measure, please refer to the Non-GAAP reconciliations; Please refer to the glossary of referenced terms for the definition of free cash flow Corporate ⎻ Accelerated controllable spend reduction ⎻ Returned $154 million to shareholders via dividends & buybacks United States ⎻ Delivered oil production 7% above guidance ⎻ Sustained momentum on well cost reductions ⎻ Lowered Permian rig count to 5; plan to hold flat in 2026 Egypt ⎻ Delivered third consecutive quarter of flat gross oil production ⎻ Successfully executed planned turn around at Salam Gas Plant North Sea ⎻ Sustained operational outperformance led to higher production and lower costs ⎻ Continued benefit from offshore operating costs reductions $425 Million(2) Free Cash Flow $193 Million(1) Net Gas Trading Gain
Page 6
APA CORPORAT ION $5.4Bn $4.0Bn YE24 YE25 Committed to Strong Balance Sheet & Shareholder Returns 6 Strong Balance Sheet ⎻ Long-term net debt target of $3.0Bn ⎻ Maintain ample liquidity (currently ~$4.5Bn) and attractive credit metrics Committed to Investment Grade Ratings (1) For a reconciliation to the most directly comparable GAAP financial measure, please refer to the Non-GAAP reconciliations (2) Please refer to the glossary of referenced terms for the definition of free cash flow 56% 44% $640MM Returned to Shareholders in 2025 Share Repurchases Dividends Shareholder Returns ⎻ Return > 60% of Free Cash Flow(1,2) to shareholders through dividend and share repurchases ⎻ Returned 63% of Free Cash Flow(1,2) in 2025 Capital Returns Framework 0.9x 0.7x YE24 YE25 27% Net Debt Reduction in 2025 Net Debt/Adjusted EBITDAX(1) (1) (1) Net Debt(1)
Page 7
APA CORPORAT ION $4.2 $3.9 $3.7 $0.1 $- $0.1 $0.2 $0.3 $0.4 $0.5 $3.0 $3.5 $4.0 $4.5 Feb. '25 Guide 2025 Actual 2026E 2027+ Path to Cost Leadership 7 Expect $450MM of Run Rate Savings by Year-End 2026 ⎻ Excludes interest savings of $80MM in 2025 and incremental $45MM in 2026 ⎻ Additional cost savings expected in 2027 and beyond Controllable Spend Profile ($Bn)(1) Structurally Resetting Cost Basis Lower (1) Controllable Spend includes development capital (excluding Suriname), LOE, and G&A expense (2) Feb ’25 guide excluding original cost savings target of $60 million Captured $300MM+in 2025 ~$100MM related to lower activity $3.8 (2) Cost Savings $0.5 $0.3 $0.1 $0.4 $0.2
Page 8
APA CORPORAT ION 969 37 172 66 (170) (19) 1,056 YE24 Pricing US Egypt Production Sales YE25 Execution Driven Reserves Growth 8 2025 APA Reserves (MMboe) ⎻ Organic reserve replacement ratio of 162% ⎻ Reserve outcome reinforces durability of Permian and Egypt assets Reserves Growth (1) (1) Primarily attributable to higher Waha pricing
Page 9
APA CORPORAT ION Permian 9
Page 10
APA CORPORAT ION Delaware Basin 166,000 Net Acres Midland Basin 288,000 Net Acres 10 Permian Asset Anchors Long Term FCF Generation Portfolio Management – High-graded acreage position through Callon Acquisition – Divested non-core New Mexico and CBP assets Significant Cost Reductions – 30% per lateral foot D&C cost reduction since 2024 – Allocating capital to high-return LOE reduction projects Long Inventory Runway – 10+ years of economic inventory – Dual-basin presence provides capital allocation optionality and exposure to significant technical upside Greater Than 95% of Acreage Held by Production
Page 11
APA CORPORAT ION(1) APA Delaware and APA Midland represent current D&C costs per foot. Peers A, B, C and D, reflect companies that publish Delaware and Midland D&C costs – 30% reduction in per-foot D&C costs vs. 2024 – Driven by structural efficiency gains and improved execution – Expect further improvement – Competitive D&C cost structure, amongst the leading operators in the basin – Lower costs increased economic inventory $600 Peer D $800 $795 $725 Peer A Peer B Peer B Peer C 11 Competitive Development Costs Drilling & Completion Cost Per Lateral Foot(1) Cost Reductions Drive Permian Inventory Duration $570 - $620 $725 - $775 Delaware Basin Midland Basin Continued efficiency gains enhance inventory and increase recoverable resource
Page 12
APA CORPORAT ION Midland Basin Delaware Basin $- $20 $40 $60 $80 $100 - 500 1,000 1,500 WTI oil price for 10% IRR ($ / bbl)(1) Location Count 10+ Years of Economic Permian Inventory 12 Reflects Current Cost Structure Economic Inventory Breakeven Distribution (Gross)1 More than 1,000 locations achieve >10% return at $50 (1) Breakeven defined as oil price required to achieve a 10% rate of return; Assumes $2.50 Waha gas price ~1,700 locations achieve >10% return at $75Gross Locations by Basin
Page 13
APA CORPORAT ION Identified Technical Upside Reinforces Long-Term Trajectory 13 Expand economic limits of the basin – Multiple shallow and deep step-out tests planned in 2026 outside of historical core fields Significant technical upside potential in emerging shallow play concepts – Recent First Bone Spring Sand tests show promising early results – Shallow landing zones have lowest development costs Economic Inventory Delineation Focus Economic Inventory + Technical Upside Midland BasinDelaware Basin Shallow Landing Zones(1) Primary Landing Zones(1) Deep Landing Zones(1) ~1,150 locations ~1,850 Potential Locations ~550 locations ~1,550 Potential Locations ~1,700 locations ~3,400 locations (1) Primary landing zones include 3BS through WCB in Delaware Basin and LSS through WCB in Midland Basin; shallow landing zones include all formations shallower than the 3BS in Delaware Basin and shallower than the LSS in Midland Basin; deep landing zones include all formations WCC and deeper across both basins
Page 14
APA CORPORAT ION Drilling & Completions $850 Equipping & Facilities $150 Base & Other $200 Uptime & LOE Reduction Projects $100 Maintaining Permian Production on Lower Capex 14 2026 Development Capital down 20% Y/Y Flat US Oil Production on Lower Capex(1) 123 120-122 $1.5 $1.3 - $0.4 $0.8 $1.2 $1.6 $2.0 $2.4 $2.8 0 20 40 60 80 100 120 140 2025 2026E Production (Mbo/d) Capital ($Bn) 2026E Permian Capital Profile ($MM) (2) (1) 2025 production adjusted for New Mexico divestiture (2) Base & Other includes capitalized workovers, facility repair and maintenance projects, capitalized overhead and seismic capital Includes ~3 Mbo/d weather impact to 1Q26 $1.3Bn Flat oil production on ~$300MM less DCE&F capital (-20% Y/Y) Offset by ~$100MM investment in high-return uptime & LOE projects Permian Operated TIL Count (Net) 2025 2026E ~140 ~130
Page 15
APA CORPORAT ION 15 Other Assets Overview
Page 16
APA CORPORAT ION 433 477 520 540-550 FY24 FY25 1Q26E FY26E High Quality Egypt Resource Base Continues to Grow $2.94 $3.59 $4.00 $4.25 FY24 FY25 1Q26E FY26E 16 Egypt Average Realized Gas Price(3) ($/Mcf) – 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 pricing agreement allocates higher fixed price to incremental volumes above pre -determined PDP decline New price effective 1/1/25 Expected Gross Gas Production(2) (MMcf/d) (1) Withdrawal effective February 12, 2026 (2) Excludes production from withdrawal area amounting to 10 MMcf/d in FY24, 9 MMcf/d in FY25, and 8 MMcf/d in FY26 (3) Applies to all Merged Concession volumes, including associated gas
Page 17
APA CORPORAT ION Large Egypt Acreage Position Supported by Infrastructure ⎻ APA holds the largest onshore oil and gas leasehold position in Egypt ⎻ Strong partnership of over three decades with the Egyptian government ⎻ Acreage position largely underexplored for natural gas, creating long-term upside ⎻ Gas production growth supported by existing infrastructure 17 Leasehold Oil Pipelines Gas Pipelines Operated Gas Processing Facilities Third-Party Gas Processing Facilities APA Egypt Acreage: ~7.5 Million Acres
Page 18
APA CORPORAT ION Exploration Portfolio Led by Suriname Block 58 P E R M I A N S U R I N A M E E G Y P T A L A S K A U R U G U A Y $0 $500 $1,000 2028 2029 2030 2031 2032 $60 Brent Scenario $80 Brent Scenario (1) Net to APA. Reflects 20% participation by Staatsolie. Includes first oil payment and royalty payment per barrel contemplated in JV agreement. Please refer to the glossary of referenced terms for the definition of free cash flow 18 $MMSuriname ⎻ 220,000 B/d oil project underway with partner TotalEnergies ⎻ Exploration resuming in 4Q26 Alaska ⎻ Conducted flow test on Sockeye-2 discovery in 1H25, confirming attractive rock properties compared to regional offsets ⎻ Preparing for 2026/2027 winter drilling season Egypt ⎻ Initial gas development / appraisal drilling exceeding expectations ⎻ Testing new play concepts with 2026 exploration drilling activity Permian ⎻ Delineation of secondary / step-out zones ⎻ Significant upside not characterized in economic inventory Uruguay ⎻ Operated ownership position in two blocks: OFF-4 (50%), OFF-6 (100%) Suriname Expected Free Cash Flow Profile(1)Exploration Portfolio Highlights Global Exploration Portfolio
Page 19
APA CORPORAT ION Suriname GranMorgu: Project Update ⎻ FY26E development capital of $230MM ⎻ Project costs remain in-line with estimates provided at FID ⎻ Progressing FPSO topsides construction ⎻ Rig contracts secured at attractive day rates ⎻ Drilling expected to commence in late-2026 ⎻ Near field exploration prospects could extend plateau or anchor additional development Project Delivery on Track >750 MMBO Estimated Recoverable Resource 220 MBO/D Oil Production Capacity Mid-2028 Expected First Oil 40% WI Carry Agreement Reduces Capital Exposure Project Stats 19
Page 20
APA CORPORAT ION $0 $15 $30 $45 $60 APA’s Interest in GranMorgu Equates to 400 Midland Basin Locations at ~30% of the Cost Suriname GranMorgu: World Class Opportunity 20 Top Tier Cash Field Margin(2)(3)(4) ($ / BOE) Shale Pure-Play Peers GranMorgu (1) Source data: Enverus, TX RRC. Average of all hz wells turned in-line in the Midland Basin between 2022 – Feb-2026. Assumes $8MM gross well costs (2) Reflects per BOE: Realized price less LOE, GPT and production & ad valorem taxes (3) U.S. shale peer data reflects FY24 actuals. GranMorgu data reflects FY24 average Brent oil price and expected full-life average operating costs (4) Shale peers include CHRD, CIVI, DVN, FANG, OVV, PR Highly attractive project economics enhanced by carry structure GranMorgu (APA Net) Midland Basin (Average Well)(1) EUR (Oil) 180 MMBO + 180 MMBO Total Capital Invested ~$1.1 Billion ~$3.2 Billion Well Locations 32 ~400 First-Year Decline Rate Flat ~60%
Page 21
APA CORPORAT ION APA’s Differential Gas Trading Portfolio Expect Third-Party Purchases & Sales to Generate $650 million of Pre-Tax Cash Flow in 2026 Cheniere Global LNG ContractPermian Firm Transport Contracts Projected Annual Cash Flow Sensitivity Global LNG ($/Mcf) $10 $15 $20 HSC ($/Mcf) $2 $140 MM $360 MM $570 MM $3 $90 MM $310 MM $520 MM $4 $40 MM $260 MM $470 MM ⎻ 140,000 MMbtu/d contract volume ⎻ Contract began in Aug-2023, ends Dec-2037 ⎻ Buy 3rd party gas on Gulf Coast, sell to Cheniere at global LNG pricing, net of certain costs ⎻ ~750,000 MMbtu/d of contracted firm capacity ⎻ Primary contracts expire in 2029/30 with extension options ⎻ Buy 3rd party gas at Waha, sell at Gulf Coast pricing, net of pipeline transport fee MMbtu/d Index Spread FY 2026 Hedged 245,000 ($1.96)(2) FY 2026 Unhedged 503,000 Waha / HSC Firm Transport Book(1) (1) Derivative positions as of 12/31/25 (2) Weighted average pricing; Please refer to the appendix for details on outstanding commodity derivatives 21
Page 22
APA CORPORAT ION 22 Guidance
Page 23
APA CORPORAT ION 2026 Plan Overview 23 Focused on Cost Management and Capital Efficiency in 2026+ Plan Highlights Planned Activity & Cash Flow Sensitivity $5 per Bbl WTI / Brent cash flow sensitivity of $265MM 5 rigs, down from ~6.5 rigs in 2025 Egypt 12 total rigs 40%-50% gas focused activity Permian Suriname Exploration well planned for 4Q26 Alaska Prepare for 1Q27 drilling season $2.1Bn Total Upstream Capital, down 10% Y/Y $230MM GranMorgu Development Capital 120-122 Mbo/d United States Oil Production flat Y/Y 540 – 550 MMcf/d Egypt Gross Gas Production, 13% to 15% Y/Y growth $1.3Bn Permian Capital, down 15% Y/Y (includes $100MM of LOE reduction projects) Oil & Gas Trading $650MM pre-tax income expected in 2026 $70MM Exploration Capital Expect to capture an additional $100MM in Cost Reductions in 2026
Page 24
APA CORPORAT ION Corporate Items ($ in millions) 1Q 2026 FY 2026 Lease Operating Expense $385 $1,525 Gathering, Processing & Transmission Expense $105 $400 General & Administrative Expense $90 $325 DD&A Expense $560 $2,300 Oil and Gas Purchases and Sales, Net(1)(3) $175 $650 Cash ARO & Decommissioning Spend $35 $280 U.S. & U.K. Current Income Tax Expense(1) $40 $60 24 Guidance Average Daily Production (‘000) 1Q 2026 FY 2026 Total Company Reported (Oil / BOE)(1) 225 / 440 217 / 436 Total Company Adjusted (Oil / BOE)(1) 185 / 371 180 / 371 U.S. (Oil / BOE) 121 / 270 120 - 122 / 275 Egypt Reported (BOE)(1) 144 (57% oil) 137 (56% oil) Egypt Adjusted (BOE)(1) 74 (57% oil) 72 (56% oil) Capital Investment ($ in millions) 1Q 2026 FY 2026 DC&F Capital (Permian, Egypt, North Sea) $500 $1,800 Suriname Development Capital $80 $230 Exploration Capital $5 $70 Upstream Capital Investment(2) $585 $2,100 (1) Guidance based on FY26 commodity strip pricing as of 02/18/2026 (2) Refer to glossary of referenced terms for definition of Upstream Capital Investment (3) Reflects third-party gain on oil and gas purchases and sales and impact of commodity derivatives Contemplates ~5 Mboe/d of winter storm related downtime and 11 Mboe/d of gas price related curtailments in 1Q26 FY includes ~$70MM of stock-linked comp FY excludes ~$55MM tax benefit related to ARO spend in the North Sea Includes FY North Sea production of 19 Mbo/d & 24 Mboe/d Equates to reported production less tax & NCI barrels; reflects withdrawal from non-core concession ~$0 in the US; $60MM in the UK
Page 25
APA CORPORAT ION 25 Appendix
Page 26
APA CORPORAT ION Upstream Capital Investment ($ 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 -- -- -- $1 United States – Alaska $41 $16 $3 $2 Upstream Capital Investment $710 $648 $542 $434 26Note: Please refer to the glossary of referenced terms for the definition of Upstream Capital Investment
Page 27
APA CORPORAT ION Egypt Production Detail 27 3Q 2025 4Q 2025 Oil (Bbls/d) Gas (Mcf/d) Boe/d Oil (Bbls/d) Gas (Mcf/d) Boe/d Gross Production 124,944 508,346 209,668 125,262 500,593 208,694 Reported Production 89,493 374,236 151,866 88,952 365,216 149,821 % Gross 72% 74% 72% 71% 73% 72% Less: Tax Barrels 23,090 97,273 39,302 20,157 83,427 34,061 Net Production Excluding Tax Barrels 66,403 276,963 112,564 68,795 281,789 115,760 % Gross 53% 54% 54% 55% 56% 55% Less: Noncontrolling Interest 22,134 92,321 37,521 22,932 93,930 38,587 Adjusted Production 44,269 184,642 75,043 45,863 187,859 77,173 % Gross 35% 36% 36% 37% 38% 37% 2023 2024 2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Gross Production (Mboe/d) 232 227 223 220 214 211 211 208 204 204 210 209 Reported Production (Mboe/d) 147 144 139 144 135 133 142 140 139 144 152 150 Adjusted Production (Mboe/d) 71 70 66 70 66 65 69 70 68 72 75 77 Realized Oil Price ($/Bbl) $78 $77 $89 $84 $83 $84 $80 $75 $75 $66 $69 $62 Realized Gas Price ($/Mcf) $2.89 $2.95 $2.91 $2.89 $2.93 $2.92 $2.93 $2.97 $3.19 $3.48 $3.75 $3.89
Page 28
APA CORPORAT ION Commodity Derivative Instruments 28 Production Period Settlement Index MMBtu (in 000’s) Weighted Average Price Differential MMBtu (in 000’s) Weighted Average Price Differential January – December 2026(1) NYMEX Henry Hub / IF Waha 89,425 $(1.96) - - Basis Swap Purchased Basis Swap Sold (1) Derivative positions as of 12/31/25
Page 29
APA CORPORAT ION 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, capitalized interest, certain exploration expenses, and Egypt noncontrolling interest. ⎻ Free Cash Flow: Cash flow from operations before changes in operating assets and liabilities (including Egypt noncontrolling interest) ⎻ Minus: ⎻ Upstream Capital Investment (including Egypt minority interest) ⎻ Abandonment and decommissioning spend ⎻ Leasehold acquisitions and non-oil and gas capital investment ⎻ Distributions to noncontrolling interest (Egypt) ⎻ In addition to the terms above, a list of commonly used definitions and abbreviations can be found in APA Corporation’s Form 10-K.
Page 30
APA CORPORAT ION 30 Non-GAAP Reconciliations
Page 31
APA CORPORAT ION 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, and useful for investors, to assess a company's ability to incur and service debt, fund capital expenditures, and make distributions to shareholders. We define adjusted EBITDAX, a non-GAAP financial measure, as EBITDAX adjusted for certain items presented in the accompanying reconciliation. Management uses adjusted EBITDAX to evaluate our ability to fund our capital expenditures, debt services and other operational requirements and to compare our results from period to period by eliminating the impact of certain items that management does not consider to be representative of the Company’s on-going operations. Management also believes adjusted EBITDAX facilitates investors and analysts in evaluating and comparing EBITDAX from period to period by eliminating differences caused by the existence and timing of certain operating expenses that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted EBITDAX may not be comparable to similar measures of other companies in our industry. 31 ($ in millions)
Page 32
APA CORPORAT ION 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 changes in operating assets and liabilities and free cash flow are non-GAAP financial measures. APA uses these measures internally and provides this information because management believes it is useful in evaluating the company's ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt, as well as to compare our results from period to period. We believe these measures are also used by research analysts and investors to value and compare oil and gas exploration and production companies and are frequently included in published research reports when providing investment recommendations. Cash flows from operations before changes in operating assets and liabilities and free cash flow are additional measures of liquidity but are not measures of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities. Additionally, this presentation of free cash flow may not be comparable to similar measures presented by other companies in our industry. 32 ($ in millions)
Page 33
APA CORPORAT ION 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 measure. Apache uses it internally and provides the information because management believes it is useful for investors and widely accepted by those following the oil and gas industry as a financial indicator of a company's ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt. It is also used by research analysts to value and compare oil and gas exploration and production companies and is frequently included in published research when providing investment recommendations. Cash flows from operations before changes in operating assets and liabilities, therefore, is an additional measure of liquidity but is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities. 33 ($ in millions)
Page 34
APA CORPORAT ION 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 its cash and cash equivalents on hand. ($ in millions) 34 December 31, September 30, June 30, March 31, 2025 2025 2025 2025 Current debt 213$ 213$ 263$ 131$ Long-term debt 4,280 4,275 4,288 5,237 Total debt 4,493 4,488 4,551 5,368 Cash and cash equivalents 516 475 107 67 Net debt 3,977$ 4,013$ 4,444$ 5,301$
Page 35
APA CORPORAT ION 2025 2024 Costs incurred in oil and gas property: As set and leasehold acquisitions 7$ 10$ Exploration and development 647 752 Total Costs incurred in oil and gas property 654$ 762$ Total Costs incurred in oil and gas property 654$ 762$ As set and leasehold acquisitions (7) (10) As set retirement obligations incurred - oil and gas property (117) (106) Capitalized interest (13) (7) Exploration seismic and administration costs (14) (12) Upstream capital investment including noncontrolling interest - Egypt 503$ 627$ Less noncontrolling interest - Egypt (69) (59) Total Upstream capital investment 434$ 568$ Reconciliation of Costs incurred to Upstream capital investment: For the Quarter Ended December 31, 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 investments as costs incurred for oil and gas activities, adjusted to exclude property and leasehold acquisitions, asset retirement additions and revisions, capitalized interest, and certain exploration expenses. Upstream capital expenditures attributable to a one-third noncontrolling interest in Egypt are also excluded. Management believes this provides a more accurate reflection of APA's cash expenditures related to upstream capital activity and is consistent with how we plan our capital budget. ($ in millions) 35
Page 36
apacorp.com