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APA CORPORATION Second - Quarter 2026 Financial and Operational Supplement August 5 , 2026 APA Corporation
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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, pending asset acquisitions (including the anticipated closing thereof and benefits therefrom), asset divestitures, estimated reserves, drilling locations and timing, inventory quantity, life, and quality, capital expenditures, capital returns, debt repayments (including debt reduction targets and associated timelines), asset retirement and decommissioning obligations and spending, price estimates, tax and interest savings, exploration and development programs, first oil and future drilling in Suriname, gas trading, 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, and debt reduction goals. 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 second-quarter 2026 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.
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APA CORPORAT ION Visible Organic Oil Growth APA’s Differentiated Investment Case 3 Durable, High-Quality Core Portfolio Stable, Predictable FCF Foundation in Permian and Egypt Attractive Reinvestment Rates in Permian and Egypt ~$675MM YE26 Run-Rate Cost & Interest Savings vs. 2024 exit >5% 3-Year Oil CAGR Catalysts in Suriname, Alaska, and Uruguay Strong Capital Returns Framework Approaching Net Debt Target of $3Bn ≥60% Annual FCF Equity Return Forward-looking and non-GAAP measures are subject to the definitions, assumptions and reconciliations in the APA earnings supplement Significant Exploration UpsideCapital Efficient Asset Base Structural Cost Leadership
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APA CORPORAT ION 4 Recent Highlights Strong Execution Supporting Higher FCF (1) 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 (2) Transaction is expected to close by year-end 2026, subject to regulatory approval and customary closing conditions. Outstanding Execution on Core Assets Strategic Progress – Significant debt reduction strengthens financial flexibility – Nearly 50% of Egypt gas receiving new higher price – Alaska acquisition (2) will support exploration, appraisal, and potential development – Announced Eni partnership on OFF-6; exploration well to spud in 2027 $752MM 1H26 Debt Repaid $1.2Bn 1H26 Free Cash Flow 123 Mbbl/d FY26 U.S. Oil Guidance Raised (1) $500MM Increased Run-Rate Cost Savings – Delivered 2Q26 U.S. oil production 2.5 Mbbl/d above guidance – Raised FY26 U.S. oil outlook with capital unchanged – Increased cost savings across the portfolio from $450MM to $500MM run-rate
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APA CORPORAT ION $350 $450 $500 2025 Exit 2026E February 2026E August Strengthening Cost Leadership Position 5 Increasing 2026 Exit Run-Rate Controllable Cost Savings from $450MM to $500MM +$50 Run-Rate Controllable Cost Savings since 2024 Exit ($MM) $500MM controllable cost savings + $175MM interest expense savings total annualized benefit Cash Flow Improvement = $675MM ✓ LOE – Additional cost savings from field-level initiatives ✓ G&A – Ongoing streamlining and simplification ✓ Capital – Incremental progress on Permian and Egypt well costs Incremental Cost Savings Mitigating 2026 Inflation
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APA CORPORAT ION $2.8 $0.6 $0.1 $3.5 ($0.3) ($0.3) ($0.6) $2.3 US Ops Egypt Ops North Sea Ops Producing Assets Suriname Dev & Exploration Cash ARO & Decom Spend Corporate & Other Free Cash Flow Diversified Portfolio – Multiple cash sources and flexibility through the cycle Long-Term Growth Investment – Funding high-return, long- term growth through Suriname development and exploration portfolio Corporate Costs – G&A cost reductions and lower interest expense unlocking additional value Returns Capacity – Free cash flow supports debt reduction and capital returns Diversified Portfolio Drives $2.3Bn of Free Cash Flow 6 2026E Free Cash Flow(1) ($Bn) Investor Takeaways (3) (1) Please refer to the glossary of referenced terms for the definition of free cash flow; assumes 7/29/2026 strip pricing (2) Includes gas trading of $950MM (3) Includes G&A and financing costs (2) Gas Trading Diversified Portfolio Long-Term Growth Investment Corporate Costs Returns Capacity $5 per bbl WTI / Brent August-December free cash flow sensitivity of ~$110MM
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APA CORPORAT ION $7.2 $5.2 $5.1 $5.4 $4.0 ~$3.3(3) 1.6x 0.8x 1.0x 0.9x 0.7x ~0.5x $0.9 $1.6 $0.6 $0.6 $0.6 4Q21 2022 2023 2024 2025 2026E Share Repurchases Dividends Returning 60% of Annual FCF to Shareholders 7 Delivering Substantial Capital Returns While Strengthening the Balance Sheet ~$1.4 Year-end net debt(2) Year-end LTM net leverage(4) Strong Capital Returns Framework 2026E returns expected to exceed average annual return since inception YE26 net debt balance expected to be lowest in >15 years Framework sustainable through commodity price cycles Annual Capital Returns Profile ($Bn) (1) Assumes $2.3Bn of free cash flow at 7/29/2026 strip pricing (2) For a reconciliation to the most directly comparable GAAP financial measure, please refer to the Non-GAAP reconciliations (3) Reflects ~$250MM year over year expected working capital increase, inclusive of pending Savant acquisition (4) Net debt divided by LTM adjusted EBITDAX ✓ ✓ ✓ 60% OF 2026E FCF TO BE RETURNED TO SHAREHOLDERS ~$900MM of 2H26 Share Repurchases (1)
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APA CORPORAT ION Debt Maturity Profile ($MM) Maintaining a Strong Balance Sheet 8 $232 $357 $350 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037+ ~$2.8Bn $3.3Bn Net Debt (1) Approaching $3.0Bn Net Debt Target $4.4Bn Liquidity (1) Cash + Credit Facility Availability 0.6x 2Q Net Leverage Ratio Net Debt / LTM Adjusted EBITDAX (2) Investment Grade Balance Sheet ⎻ IG credit ratings: Baa3 / BBB- / BBB- ⎻ Average maturity of ~16 years and coupon of 5.7% ⎻ Only ~$590MM of debt maturities in next 5 years and ~$940MM in next 10 years (1) As of 6/30/2026 (2) LTM for period ending 6/30/2026. For a reconciliation to the most directly comparable GAAP financial measure, please refer to the Non-GAAP reconciliations ⎻ Net debt target of $3.0Bn ⎻ Repaid $2.3Bn of total debt since YE 2024, including $752MM of near-term maturities in the first half of 2026 ⎻ $155MM+ annualized interest savings since 2024 and approaching $175MM by YE 2026 ⎻ No debt maturities until December 2029 ⎻ Ample liquidity position through committed credit facilities and cash balance
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APA CORPORAT ION 9 Asset Overview
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APA CORPORAT ION Exposure to Significant Technical Upside Delaware Basin 159,000 Net Acres Midland Basin 287,000 Net Acres Permian Asset Anchors Long-Term FCF Generation 10 U.S. Upstream Expected to Generate $1.8Bn of Free Cash Flow in 2026E Dual-Basin Presence Provides Capital Allocation Optionality ~1,700 Economic Locations ~3,400 Economic + Technical Upside Locations Midland Basin Delaware Basin Greater than 95% of Acreage Held by Production $- $20 $40 $60 $80 $100 - 500 1,000 1,500 WTI oil price for 10% IRR ($ / bbl) Location Count 10+ Years of Economic Inventory(1) (1) Breakeven defined as oil price required to achieve a 10% rate of return; Assumes $2.50 Waha gas price; Reflects inventory and cost structure as of YE25
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APA CORPORAT ION $930 $550 - $600 2024 2026E U.S. Sustaining >120 MBOPD With ~40% Less Capital 11 >120 Mbbl/d oil sustained Production Consistency ~40% Lower 2024 to 2026E capital Capital Efficiency Stable production and significantly lower capital have improved free cash flow resiliency D&C ($/lateral ft) E&F ($/lateral ft) Drilling Efficiency (ft/day) $200 $100 2024 2026E Completions Efficiency (lateral ft/day) (1) 2024 and 2025 adjusted for CPE acquisition and non-core divestitures (2) Reflects blended average 2026E activity ~1,400 ~2,900 2024 2026 YTD ~1,100 ~1,700 2024 2026 YTD $2.1 $1.5 $1.3 2024 2025 2026E U.S. Capital ($Bn) 121 123 123 2024 2025 2026E U.S. Oil (Mbbl/d) $50/ft lower since 1Q26 earnings (1) (1) (2) (2)
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APA CORPORAT ION 12 Driving Structural LOE Reductions in the Permian ⎻ Portfolio-wide initiatives with attractive payback periods drive durable LOE reductions, improve asset reliability and increase uptime ⎻ Facility consolidation and centralized compression projects provide greater flexibility to optimize artificial lift throughout the life of the wells ⎻ Consolidated gas treating, optimized surface equipment and improved water handling lower LOE and enhance future development returns ~$40MM run-rate LOE savings expected by year-end 2026(1) Consolidated Gas Treating Infrastructure Routing Production to Central FacilitiesCentralized Compression & Artificial Lift Equipment Construction at Central Facilities (1) Included in run-rate cost savings
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APA CORPORAT ION Egypt: Strong Free Cash Flow Generation 13 Maintaining FY2026E Gross BOE Volumes and Free Cash Flow (1) Trajectory (1) Egypt cash flows from operations before changes in operating assets and liabilities less Egypt Upstream Capital Investment (including NCI) less Distributions to non-controlling interest (2) Normalized to 7/29/26 strip (3) Egypt Upstream Capital (including NCI) / Egypt cash flows from operations before changes in operating assets and liabilities (4) Source: FactSet consensus as of 7/29/2026, reinvestment rate defined as capex / Cash flows from operations, peers include CHRD, COP, DVN, EOG, FANG, MGY, MTDR, OXY, OVV, PR, SM (5) Adjusted for exit from non-core concession ⎻ Long-standing strategic partnership with Egypt ⎻ Sustainable production profile through material exploration and resource upside ⎻ Low-cost, high-return conventional development ⎻ Increasing exposure to premium gas pricing ⎻ Commercial, cost and capital- efficiency improvements have reset underlying cash-generating capacity 116 118 540- 550 535 207 Mboe/d 207 Mboe/d $4.25 $4.25 February 2026 August 2026 Oil (Mbbl/d) Gas (MMcf/d) Gas Price ($/Mcf) ~$600 MM ~$600 MM February 2026 August 2026 (2) U.S. peer avg. 50% reinvestment rate 44% reinvestment rate(3) 44% reinvestment rate(3) FY24 gas(5) = 433 MMcf/d FY25 gas(5) = 477 MMcf/d (4) Localized gas infrastructure constraints deferring production Building Long Term Value
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APA CORPORAT ION Suriname GranMorgu: Development 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 14 $0 $400 $800 $1,200 $1,600 2028 2029 2030 2031 2032 $60 Brent Scenario $80 Brent Scenario Suriname Expected Free Cash Flow ($MM) Suriname Expected Net Production (Mbbl/d) ⎻ FY26E development capital of $230MM ⎻ Costs remain in line with estimates provided at FID ⎻ Progressing FPSO topsides construction ⎻ Rig contracts secured at attractive day rates ⎻ Development drilling expected to commence in 4Q26 ⎻ Near-field exploration prospects could extend plateau or anchor additional development 0 20 40 60 80 2028 2029 2030 2031 2032 Highlights
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APA CORPORAT ION $0 $15 $30 $45 $60 APA’s Interest in GranMorgu Equates to 400 Midland Basin Locations at ~30% of the Cost Suriname GranMorgu: World-Class Opportunity 15 Top-Tier Cash Field Margin(2)(3)(4) ($ / 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 FY25 actuals. GranMorgu data reflects FY25 average Brent oil price and expected full-life average operating costs (4) Shale peers include CHRD, CIVI, DVN, FANG, OVV, PR (5) Represents FID-forward breakeven; (6) Source: Novi Labs Midland Basin Q3 2025 Inventory Analysis GranMorgu (APA Net) Midland Basin (Industry Average)(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% Breakeven ~$30/bbl(5) ~$50/bbl(6)
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APA CORPORAT ION Suriname – Extensive inventory of high-impact exploration opportunities – Exploration activity to resume in 2027 Alaska – Recently announced Savant acquisition expected to provide long-term optionality and development synergies – 2-well program planned for 2027 Uruguay – Ownership position in two blocks: OFF-4 (50%), OFF-6 (60%) – OFF-6 partnership includes carry, with Eni funding most of exploration well planned for 2027 Egypt – Initial gas development / appraisal drilling exceeding expectations – Testing new play concepts with 2026 exploration drilling activity Permian – Significant technical upside beyond economic inventory characterization – Ongoing appraisal testing to derisk 1,700 technical upside locations Differentiated Exploration Platform 16 Exploration Portfolio Highlights PERMIAN SURINAME EGYPT ALASKA URUGUAY Global Exploration Portfolio
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APA CORPORAT ION Emerging Upside Potential in Alaska 17 Highlights Strategic Infrastructure Position 40 Mbbl/d Facility 80 Mbbl/d Pipeline 487,000 Gross Acres Post-close – 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 Slope position – Infrastructure ownership expected to enhance development flexibility and expand strategic options (1) Transaction is expected to close by year-end 2026, subject to regulatory approval and customary closing conditions.
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APA CORPORAT ION $593 $275 $75 Expected Cash Flow (Net of Hedges) Differentiated Gas Trading Portfolio Expect Third-Party Purchases & Sales to Generate $950 Million of Pre-Tax Cash Flow in 2026 2026E Differentiated Gas Trading Cash Flow ($MM)(1)Contract Summary Projected Annual LNG Cash Flow Sensitivity Global LNG ($/MMbtu) $10 $15 $20 $25 $2 $140 MM $360 MM $570 MM $780 MM $3 $90 MM $310 MM $520 MM $730 MM $4 $40 MM $260 MM $470 MM $680 MM $5 ($10 MM) $200 MM $420 MM $620 MM MMbtu/d Index Spread Firm Transport FY 2026 Hedged 245,000 ($1.96)(2) FY 2026 Unhedged 503,000 Waha / HSC Cheniere LNG Contract FY 2026 Unhedged 140,000 HSC / JKM & TTF (1) Pre-Tax; Assumes 07/29/2026 Strip pricing (2) As of 6/30/26; weighted average pricing; Please refer to the appendix for details on outstanding commodity derivatives 18 2H LNG 1H Actuals ~$950 2H FT – Primary contracts expire in 2029/30 with extension options – Buy third-party gas in basin, transport and sell at Gulf Coast pricing, net of pipeline transport fee ~750,000 MMbtu/d Firm Transport 140,000 MMbtu/d LNG Volume – Contract began in August 2023, ends Dec-2037 – Buy third-party gas on Gulf Coast, sell to Cheniere at global LNG pricing, net of certain costs HSC ($/MMbtu)
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APA CORPORAT ION Limited FCF Impact from Waha Price Changes in 2026 2026 Firm Transport and US Production Exposure (MMbtu/d) ~750,000 TOTAL FIRM TRANSPORT ~245,000 HEDGED ~500,000 UNHEDGED ≈ SIMILAR EXPOSURE ~500,000 WAHA-EXPOSED THIRD-PARTY GAS PURCHASES US NET GAS PRODUCTION ≈500,000 MMbtu/d on each side responds in opposite directions to Waha 19 ~$600 ~$600 $0.50/MMbtu Waha $3.00/MMbtu HSC $2.50/MMbtu Waha $3.00/MMbtu HSC Firm Transport Gain (Net of Hedges) US Gas Revenue Illustrative 2026 Sensitivity ($MM)
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APA CORPORAT ION 20 Guidance
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APA CORPORAT ION Corporate Items ($ in millions) 3Q 2026 FY 2026 Lease Operating Expense $415 $1,500 Gathering, Processing & Transmission Expense $110 $385 General & Administrative Expense $75 $345 DD&A Expense $570 $2,200 Oil and Gas Purchases and Sales, Net(1)(3) $180 $950 Cash ARO & Decommissioning Spend $135 $300 U.S. & U.K. Current Income Tax Expense(1) $90 $235 21 Guidance Average Daily Production (‘000) 3Q 2026 FY 2026 Total Company Reported (Oil / BOE)(1) 215 / 439 218 / 429 Total Company Adjusted (Oil / BOE)(1) 178 / 374 179 / 361 U.S. (Oil / BOE) 124 / 288 123 / 272 Egypt Reported (BOE)(1) 130 (56% oil) 133 (57% oil) Egypt Adjusted (BOE)(1) 65 (56% oil) 66 (57% oil) Capital Investment ($ in millions) 3Q 2026 FY 2026 DC&F Capital (Permian, Egypt, North Sea) $420 $1,800 Suriname Development Capital $65 $230 Exploration Capital $10 $40 Upstream Capital Investment(2) $495 $2,070 (1) Guidance based on FY26 commodity strip pricing as of 07/29/2026 (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 FY includes ~$100MM of stock-linked compensation FY includes $200MM GoA / $100MM UK; FY excludes ~$40MM UK tax benefit Includes FY North Sea production of 19 Mbo/d & 24 Mboe/d Equates to reported production less tax & NCI barrels; 3Q26/4Q26 Egypt gross gas of 535/545 MMcf/d FY: ~$20MM in the U.S.; $215MM in the U.K. Reflects shift in Suriname exploration timing from 4Q26 to 2027 4Q26 US oil of 121 Mbo/d
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APA CORPORAT ION 22 Appendix
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APA CORPORAT ION Upstream Capital Investment ($ in millions) 1Q 2026 2Q 2026 United States – Lower 48 $379 $379 Egypt (excluding noncontrolling interest) $108 $123 North Sea $1 $3 DC&F Capital (Permian, Egypt, North Sea) $488 $505 Suriname $74 $41 Uruguay $1 $0 United States – Alaska $1 $0 Upstream Capital Investment $564 $546 23Note: Please refer to the glossary of referenced terms for the definition of Upstream Capital Investment
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APA CORPORAT ION Egypt Production Detail 24 1Q 2026 2Q 2026 Oil (Bbls/d) Gas (Mcf/d) Boe/d Oil (Bbls/d) Gas (Mcf/d) Boe/d Gross Production 121,472 517,623 207,743 117,056 538,925 206,877 Reported Production 86,736 381,406 150,304 70,139 327,286 124,687 % Gross 71% 74% 72% 60% 61% 60% Less: Tax Barrels 24,857 110,125 43,211 18,307 85,535 32,563 Net Production Excluding Tax Barrels 61,879 271,281 107,093 51,832 241,751 92,124 % Gross 52% 52% 52% 44% 45% 45% Less: Noncontrolling Interest 20,626 90,427 35,698 17,277 80,584 30,708 Adjusted Production 41,253 180,854 71,395 34,555 161,168 61,416 % Gross 35% 35% 34% 30% 30% 30% 2024 2025 2026 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Gross Production (Mboe/d) 214 211 211 208 204 204 210 209 208 207 Reported Production (Mboe/d) 135 133 142 140 139 144 152 150 150 125 Adjusted Production (Mboe/d) 66 65 69 70 68 72 75 77 71 61 Realized Oil Price ($/Bbl) $83 $84 $80 $75 $75 $66 $69 $62 $86 $96 Realized Gas Price ($/Mcf) $2.93 $2.92 $2.93 $2.97 $3.19 $3.48 $3.75 $3.89 $4.01 $4.23
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APA CORPORAT ION Commodity Derivative Instruments 25 Production Period Settlement Index MMBtu (in 000’s) Weighted Average Price Differential MMBtu (in 000’s) Weighted Average Price Differential July – December 2026(1) NYMEX Henry Hub / IF Waha 45,080 $(1.96) - - Basis Swap Purchased Basis Swap Sold (1) Derivative positions as of 06/30/26
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APA CORPORAT ION 26 Glossary of Referenced Terms ⎻ Upstream Capital Investment: Includes exploration, development, gathering, processing, and transmission capital, and capitalized overhead. Excludes capital investment for property and leasehold acquisitions, non-cash asset retirement additions and revisions, capitalized interest, certain exploration expenses, and Egypt noncontrolling interest. ⎻ Free Cash Flow: Cash flow from operations before changes in operating assets and liabilities (including Egypt noncontrolling interest) ⎻ Minus: ⎻ Upstream Capital Investment (including Egypt minority interest) ⎻ Abandonment and decommissioning spend ⎻ Leasehold acquisitions and non-oil and gas capital investment ⎻ Distributions to noncontrolling interest (Egypt) ⎻ In addition to the terms above, a list of commonly used definitions and abbreviations can be found in APA Corporation’s Form 10-K.
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APA CORPORAT ION 27 Non – GAAP Reconciliations
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APA CORPORAT ION June 30, March 31, June 30, 2026 2026 2025 Net cash provided by operating activities 1,706$ 554$ 1,181$ Adjustments: Exploration seismic and administrative costs 14 14 11 Current income tax provision 234 302 232 Other adjustments to reconcile net income to net cash provided by operating activities 15 (9) (5) Changes in operating assets and liabilities (198) 637 (200) Financing costs, net (excludes gain on extinguishment of debt) 54 57 69 Transaction, reorganization & separation costs 12 7 11 Adjusted EBITDAX (Non-GAAP) 1,837$ 1,562$ 1,299$ For the Quarter Ended 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 ongoing 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. 28 ($ in millions)
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APA CORPORAT ION 2026 2025 Net cash provided by operating activities 1,706$ 1,181$ Changes in operating assets and liabilities (198) (200) Cash flows from operations before changes in operating assets and liabilities 1,508$ 981$ Adjustments to free cash flow: Upstream capital investment including noncontrolling interest - Egypt (608) (705) Abandonment and decommissioning spend (55) (40) Leasehold acquisitions and other (8) (11) Distributions to Sinopec noncontrolling interest (99) (91) Free cash flow 738$ 134$ June 30, For the Quarter Ended 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. 29 ($ in millions)
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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. 30 North Sea Egypt U.S. and Other Consolidated Net cash provided by operating activities 94$ 480$ 1,132$ 1,706$ Changes in operating assets and liabilities (82)$ (61)$ (55)$ (198)$ Cash flows from operations before changes in operating assets and liabilities 12$ 419$ 1,077$ 1,508$ For the Quarter Ended June 30, 2026 ($ in millions)
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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) 31 June 30, March 31, December 31, September 30, 2026 2026 2025 2025 Current debt 2$ 134$ 213$ 213$ Long-term debt 3,741 4,280 4,280 4,275 Total debt 3,743 4,414 4,493 4,488 Cash and cash equivalents 444 293 516 475 Net debt 3,299$ 4,121$ 3,977$ 4,013$
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APA CORPORAT ION 2026 2025 Costs incurred in oil and gas property: As set and leasehold acquisitions 3$ 8$ Exploration and development 643 735 Total Costs incurred in oil and gas property 646$ 743$ Total Costs incurred in oil and gas property 646$ 743$ As set and leasehold acquisitions (3) (8) As set retirement obligations incurred - oil and gas property (5) (3) Capitalized interest (16) (16) Exploration seismic and administration costs (14) (11) Upstream capital investment including noncontrolling interest - Egypt 608$ 705$ Less noncontrolling interest - Egypt (62) (57) Total Upstream capital investment 546$ 648$ Reconciliation of Costs incurred to Upstream capital investment: For the Quarter Ended June 30, 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) 32
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