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Financial and Operational Supplement November 4, 2026 Third-Quarter 2026
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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 (including their long-term durability); rig counts; the pending acquisition in Alaska (including the anticipated closing thereof and benefits therefrom); estimated reserves and technical upside; drilling locations and timing; inventory quantity, life, and quality; capital expenditures; capital returns (including the target to return at least 60% of free cash flow to shareholders); 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 (including planned drilling activities in Alaska and Uruguay and first oil and future drilling in Suriname); gas trading; and production and 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 and budget targets or expectations; 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 necessary infrastructure; and achieve its cost 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,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “intend,” “may,” “might,” “outlook,” “plans,” “possible,” “potential,” “predict,” “projects,” “prospects,” “seeks,” “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 third-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 U.S. 77% Egypt 17% North Sea 6% APA: Strong Cash Generating Base with Significant Upside 3 $2.9Bn 2026E free cash flow $2.1Bn 2026 upstream capital $3.2Bn 3Q26 net debt ≥60% Annual free cash flow shareholder return target Mid-2028 Expected GranMorgu first oil ALASKA PERMIAN UNITED KINGDOM EGYPT SURINAME URUGUAY Core producing assets Development & exploration Exploration opportunities Production 3Q26 adjusted volumes(3) 381 Mboe/d (1) Assumes 10/28/2026 strip pricing (2) For a reconciliation to the most directly comparable GAAP financial measure, please refer to the Non-GAAP reconciliations (3) Adjusted volumes exclude NCI and tax barrels (1,2) (2) (2)
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APA CORPORAT ION Visible Organic Oil Growth APA’s Differentiated Investment Case 4 High Return, Durable Base Exploration Catalysts Beyond Base Forward-looking and non-GAAP measures are subject to the definitions, assumptions and reconciliations in the APA earnings supplement Growing FCF Benefits Shareholders – Permian: sustaining production with significantly lower capital – Egypt: steady free cash flow generation – Structural cost reductions underpin cash flows – ≥60% Annual FCF Shareholder Return Target – Continued debt reduction expands long- term financial flexibility – Differentiated gas trading portfolio expected to provide ~$1Bn in pre-tax cash flow in 2026 & 2027 – Peer-leading organic growth outlook – Sustained base + GranMorgu expected to deliver >5% 3-Year Oil CAGR – GranMorgu first oil in mid-2028 provides step-change in oil production – Suriname Block 58: testing additional prospects in a de-risked exploration fairway – Alaska: progressing resource through appraisal and exploration – Uruguay: advancing large-scale exploration with Eni Durable cash flow, visible oil growth & exploration upside driving shareholder returns and long-term value
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APA CORPORAT ION 5 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) Through October 30, 2026 (3) Assumes 10/28/2026 strip pricing Outstanding Execution on Core Assets Strategic Progress – Repurchased 17.8MM shares YTD(2); expect ~$650MM of additional share repurchases by YE26 – Retired ~$450MM of debt in 3Q26; net debt at $3.2Bn(1) – Lowered Net Debt target to $2.0Bn – Advancing GranMorgu development and preparing for 2027 exploration in Suriname, Alaska and Uruguay $2.9Bn 2026E Free Cash Flow 124 Mbbl/d FY26 U.S. Oil Guidance Raised – 3Q26 U.S. oil production 4 Mbbl/d above guidance – Egypt gross gas production averaged 542 MMcf/d, 7 MMcf/d above guidance – Egypt power projects mitigate diesel cost inflation – On track for $680MM+ in annualized savings, including $180MM+ in achieved interest savings (1,3) $1.2Bn YTD Debt repaid
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APA CORPORAT ION $0.7 $0.1 $4.1 ($0.3) ($0.3) ($0.6) $2.9 $3.3 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 capital returns and debt reduction Diversified Portfolio Drives $2.9Bn of Free Cash Flow 6 2026E Free Cash Flow(1) ($Bn) Investor Takeaways (3) (1) Please refer to the glossary of referenced terms for the definition of free cash flow; assumes 10/28/2026 strip pricing (2) Includes gas trading of $1,080MM (3) Includes G&A, financing costs and U.S. income taxes (2) Gas Trading Diversified Portfolio Long-Term Growth Investment Corporate Costs Returns Capacity $5 per bbl WTI / Brent November-December free cash flow sensitivity of ~$45MM
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APA CORPORAT ION $0.9 $1.6 $0.6 $0.6 $0.6 4Q21 2022 2023 2024 2025 2026E Share Repurchases Dividends $7.2 $5.2 $5.1 $5.4 $4.0 ~$3.0(3) Returning 60% of Annual FCF to Shareholders 7 >$1.7 Year-end net debt(2) Strong Capital Returns Framework 2026E returns expected to be highest level since inception YE26 net debt balance expected to be lowest in >15 years Sustainable through commodity price cycles Capital Returns Profile ($Bn) (1) Assumes $2.9Bn of free cash flow at 10/28/2026 strip pricing (2) For a reconciliation to the most directly comparable GAAP financial measure, please refer to the Non-GAAP reconciliations (3) YE26 net debt includes pending Savant acquisition and reflects potential working capital impacts ✓ ✓ ✓ (1) ~$650MM of Nov-Dec Share Repurchases Funding multiple growth priorities and substantial debt reduction, while delivering significant shareholder returns
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APA CORPORAT ION Enhancing Financial Flexibility Through Debt Reduction 8 Strong cash generation, lower costs support continued debt reduction $2.0Bn Updated net debt(1) target $6.6 $4.4 $3.2 $3.0 $2.0 2Q24 2Q25 3Q26 Prior target New target Post-CPE close Lower interest costs Increased free cash flow available to equity holders Greater resilience Fewer fixed obligations improve financial flexibility through commodity cycles More capital flexibility Capacity to fund differentiated returns Net Debt(1) Progress ($Bn) Prior target initiated with 2Q25 earnings While returning 60% of annual free cash flow to shareholders (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 Expect to achieve by YE26
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APA CORPORAT ION Debt Maturity Profile ($MM) Maintaining a Strong Balance Sheet 9 $187 $350 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037+ ~$2.8Bn $3.3Bn / $3.2Bn Total / Net Debt (2) 0.5x 3Q26 Net Leverage Ratio(1) Investment Grade Balance Sheet – IG credit ratings: Baa3 / BBB- / BBB- – Average maturity of 17 years and coupon of 5.8% (1) Net Debt / LTM Adjusted EBITDAX for period ending 9/30/2026. For a reconciliation to the most directly comparable GAAP financial measure, please refer to the Non-GAAP reconciliations (2) As of 9/30/2026; For a reconciliation to the most directly comparable GAAP financial measure, please refer to the Non-GAAP reconciliations – Repaid $2.8Bn of total debt since YE 2024, including $1.2Bn YTD in 2026 – $180MM+ annualized interest savings since 2024 – <$200MM of debt maturities in next 5 years and ~$540MM in next 10 years – $4.1Bn liquidity through committed credit facilities and cash balance
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APA CORPORAT ION Deliver similar YoY US and Egypt production Advance GranMorgu development to mid-2028 first oil Progress upside resource potential through five high-impact exploration and appraisal wells $2.8 $2.5 2024¹ 2027E 2027E Capital AllocationUpstream Capital Investment ($Bn) 2027 Preliminary Capital Outlook DC&F Capital (Permian, Egypt and North Sea) GranMorgu Exploration ~25% Lower DC&F capital vs. 2024 U.S. $1.5Bn Egypt $0.5Bn GranMorgu Development $0.25Bn Exploration $0.25Bn $2.5Bn Total upstream Key 2027 Capital Priorities ✓ ✓ (1) 2024 adjusted for acquisitions and divestitures. For a reconciliation to the most directly comparable GAAP financial measure, please refer to the Non-GAAP reconciliations 10 Exploration and GranMorgu development spend represents ~60% of YoY increase ✓ 10% Lower capital despite increased investment in GranMorgu and Exploration Enabled by structural cost savings in DC&F
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APA CORPORAT ION 11 Asset Overview
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APA CORPORAT ION Exposure to Significant Technical Upside Delaware Basin ~158,000 Net Acres Midland Basin ~288,000 Net Acres Permian Asset Anchors Long-Term FCF Generation 12 U.S. Upstream Expected to Generate >$2Bn 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 >95% of ~446,000 Acres 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 - $600 2024 2026E U.S. Sustaining >120 MBOPD With ~40% Less Capital 13 >120 Mbbl/d oil sustained Production Consistency ~40% Lower 2024 to 2026E capital Capital Efficiency Stable production and significantly lower capital have improved free cash flow resiliency D&C ($/lateral ft) E&F ($/lateral ft) Drilling Efficiency (ft/day) $200 $100 2024 2026E Completions Efficiency (lateral ft/day) (1) 2024 and 2025 adjusted for CPE acquisition and non-core divestitures (2) Reflects blended average 2026E activity ~1,100 ~1,700 2024 2026 YTD U.S. Capital ($Bn) U.S. Oil (Mbbl/d) $50/ft lower since 1Q26 earnings (1) (1) (2) (2) 121 123 124 2024 2025 2026E $2.1 $1.5 $1.3 2024 2025 2026E ~1,400 ~2,800 2024 2026 YTD
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APA CORPORAT ION 14 Competitive Development Costs Drilling & Completion Cost Per Lateral Foot(1) Significant Permian Capital Efficiency Improvement (1) Delaware and Midland represent the 2026E program D&C costs per foot D&C Cost Reductions Driven By: 1) Successful integration and synergy capture of Callon acquisition 2) Smaller frac size, expanded application of simulfrac and improved drill out efficiencies 3) Slim hole, clear fluids, casing design and general drilling optimizations Increased 2027 Delaware Basin activity expected to drive efficiencies and future cost savings Delaware Basin Midland Basin $0 $250 $500 $750 $1,000 $1,250 2024 2026E $0 $250 $500 $750 $1,000 $1,250 2024 2026E
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APA CORPORAT ION $506 $494 $500 46% 50% 41% 0% 20% 40% 60% 80% 100% $0 $100 $200 $300 $400 $500 $600 2024 2025 2026E Egypt: Sustaining Production and Long-Term Value 15 ~7 Million Acres in Egypt >200 Mboe/d gross production Production Consistency ~$500MM Annual capital Capital Consistency Egypt Capital ($MM) Egypt Gross Production (Mboe/d) (1) Excludes production from withdrawn concession (2) Excludes noncontrolling interest Durable free cash flow engine supported by stable production (2) 206 202 208 2024 2025 2026E Oil Gas >$700MM Egypt Free Cash Flow expected in 2026EReinvestment Rate (1) (1)
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APA CORPORAT ION 3 15 22 2024 2025 2026E Egypt Power Projects Reduce Diesel Use and Mitigate Inflation 16 Diesel Usage Reduction (MM Gallons) Egypt Power Projects Benefits >$100MM Cumulative savings from 2024-2026 130+ wells Connected to overhead transmission lines to date Additional projects planned in 2027 Lower diesel use Fewer fuel deliveries and diesel service hours More reliable power Fewer power-related ESP trips Longer ESP run life Fewer interruptions Lower emissions CO₂ reduction and productive use of gas
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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 to 10% Project Stats 17 $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) ⎻ Development progressing on schedule and within budget, with first oil expected in mid-2028 ⎻ Expected to deliver differentiated, multi-year oil production growth and significant free cash flow ⎻ Attractive carry agreement significantly reduces APA’s capital requirements ⎻ TotalEnergies funding 75% of APA’s appraisal and development capital 0 20 40 60 80 2028 2029 2030 2031 2032 Highlights $60 Brent Scenario $80 Brent Scenario
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APA CORPORAT ION $0 $15 $30 $45 $60 APA’s Interest in GranMorgu Equates to 400 Midland Basin Locations at ~30% of the Cost Suriname GranMorgu: World-Class Opportunity 18 Top-Tier Cash Field Margin(2)(3)(4) ($ / 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) ~$50/bbl(6)
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APA CORPORAT ION Block 58 Block 53 Krabdagu Sapakara - South Suriname – Extensive inventory of high-impact exploration opportunities – Exploration activity to resume in 2027 – Discoveries could extend GranMorgu plateau or support a second development Alaska – Hungry Horse appraisal and Chinook exploration planned – Pending infrastructure acquisition, which includes 40 Mbbl/d facility and 80 Mbbl/d pipeline, provides development optionality Uruguay – Partnership with Eni; APA retains a 60% working interest – Eni to fund most of exploration well planned for late 2027 – Significant frontier exploration potential Differentiated Exploration Portfolio 19 High-impact opportunities across Suriname, Alaska and Uruguay offer significant long-term growth potential Exploration Highlights Suriname(1) Tie-in Point: Endicott Alaska (1) Source: TotalEnergies
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APA CORPORAT ION Gas Trading Provides Differentiated Source of Cash Flow 20 Third-Party Purchases and Sales Continue to be a Value Driver Cash flow summary: U.S. gas trading and equity gas production($MM)(1) Key Highlights (1) Assumes strip pricing as of 10/28/26 and includes the impact of basis hedges; Please refer to the appendix for more detail on the gas trading portfolio $750 $200 $1,230 $280 LNG Permian FT Equity gas Total $530 $550 $30 $1,110 LNG Permian FT Equity gas Total 2026E 2027E Unique competitive advantage Gas trading provides differentiated cash flow relative to E&P peers Material cash flow generation More than $1Bn expected annually in 2026 and 2027 Diversified sources of value LNG, firm transportation and equity gas capture value across multiple markets and pricing points Hedged 150,000 Mmbtu/d at ~($1.59) Hedged 245,000 Mmbtu/d at ~($1.96) Total portfolio expected to exceed $1Bn in pre-tax cash flow in 2027
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APA CORPORAT ION 21 Guidance
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APA CORPORAT ION Corporate Items ($ in millions) 4Q 2026 FY 2026 Lease Operating Expense $390 $1,525 Gathering, Processing & Transmission Expense $105 $385 General & Administrative Expense $85 $380 DD&A Expense $590 $2,200 Oil and Gas Purchases and Sales, Net(1)(3) $295 $1,080 Pre-Tax Cash ARO & Decommissioning Spend $95 $285 U.S. & U.K. Current Income Tax Expense(1) $205 $420 22 Guidance Average Daily Production (‘000) 4Q 2026 FY 2026 Total Company Reported (Oil / BOE)(1) 213 / 432 219 / 434 Total Company Adjusted (Oil / BOE)(1) 175 / 364 180 / 364 U.S. (Oil / BOE) 122 / 280 124 / 276 Egypt Reported (BOE)(1) 129 (56% oil) 134 (57% oil) Egypt Adjusted (BOE)(1) 60 (56% oil) 64 (57% oil) Capital Investment ($ in millions) 4Q 2026 FY 2026 DC&F Capital (Permian, Egypt, North Sea) $420 $1,830 Suriname Development Capital $80 $230 Exploration Capital $25 $40 Upstream Capital Investment(2) $525 $2,100 (1) Guidance based on FY26 commodity strip pricing as of 10/28/2026 (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 ~$135MM of stock-linked compensation FY includes $210MM GoA / $75MM UK Includes FY North Sea production of 19 Mbo/d & 24 Mboe/d Equates to reported production less tax & NCI barrels; 4Q26 Egypt gross oil / gas of 118 Mbo/d / 550 MMcf/d FY: $110MM in the U.S.; $310MM in the U.K.
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APA CORPORAT ION 23 Appendix
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APA CORPORAT ION $784 $250 $45 Expected Cash Flow (Net of Hedges) Differentiated Gas Trading Portfolio Expect Third-Party Purchases & Sales to Generate $1,080 Million of Pre-Tax Cash Flow in 2026 2026E Differentiated Gas Trading Cash Flow ($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 FY 2027 Hedged 150,000 ($1.59) (2) FY 2027 Unhedged 598,000 Waha / HSC Cheniere LNG Contract FY 2026 Unhedged 140,000 HSC / JKM & TTF (1) Pre-Tax; Assumes 10/28/2026 strip pricing (2) As of 10/31/26; weighted average pricing; Please refer to the appendix for details on outstanding commodity derivatives 24 4Q LNG 1Q-3Q Actuals ~$1,080 4Q FT – Primary contracts expire in 2029/30 with extension options – Buy third-party gas in basin, transport and sell at Gulf Coast pricing, net of pipeline transport fee ~750,000 MMbtu/d Firm Transport 140,000 MMbtu/d LNG Volume – Contract began in August 2023, ends Dec-2037 – Buy third-party gas on Gulf Coast, sell to Cheniere at global LNG pricing, net of certain costs HSC ($/MMbtu)
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APA CORPORAT ION Upstream Capital Investment ($ in millions) 1Q 2026 2Q 2026 3Q 2026 United States – Lower 48 $379 $379 $282 Egypt (excluding noncontrolling interest) $108 $123 $129 North Sea $1 $3 $5 DC&F Capital (Permian, Egypt, North Sea) $488 $505 $416 Suriname $74 $41 $47 Uruguay $1 $0 $0 United States – Alaska $1 $0 $3 Upstream Capital Investment $564 $546 $466 25Note: Please refer to the glossary of referenced terms for the definition of Upstream Capital Investment
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APA CORPORAT ION Egypt Production Detail 26 2Q 2026 3Q 2026 Oil (Bbls/d) Gas (Mcf/d) Boe/d Oil (Bbls/d) Gas (Mcf/d) Boe/d Gross Production 117,056 538,925 206,877 116,093 541,812 206,395 Reported Production 70,139 327,286 124,687 74,697 353,477 133,610 % Gross 60% 61% 60% 64% 65% 65% Less: Tax Barrels 18,307 85,535 32,563 20,948 100,853 37,757 Net Production Excluding Tax Barrels 51,832 241,751 92,124 53,749 252,624 95,853 % Gross 44% 45% 45% 46% 47% 46% Less: Noncontrolling Interest 17,277 80,584 30,708 17,916 84,208 31,951 Adjusted Production 34,555 161,168 61,416 35,833 168,416 63,902 % Gross 30% 30% 30% 31% 31% 31% 2024 2025 2026 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Gross Production (Mboe/d) 214 211 211 208 204 204 210 209 208 207 206 Reported Production (Mboe/d) 135 133 142 140 139 144 152 150 150 125 134 Adjusted Production (Mboe/d) 66 65 69 70 68 72 75 77 71 61 64 Realized Oil Price ($/Bbl) $83 $84 $80 $75 $75 $66 $69 $62 $86 $96 $100 Realized Gas Price ($/Mcf) $2.93 $2.92 $2.93 $2.97 $3.19 $3.48 $3.75 $3.89 $4.01 $4.23 $4.34
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APA CORPORAT ION Commodity Derivative Instruments 27 Production Period Settlement Index MMBtu (in 000’s) Weighted Average Price Differential MMBtu (in 000’s) Weighted Average Price Differential October – December 2026(1) NYMEX Henry Hub / IF Waha 22,540 ($1.96) - - January – December 2027(1) NYMEX Henry Hub / IF Waha 54,750 ($1.59) - - Basis Swap Purchased Basis Swap Sold (1) Derivative positions as of 10/31/26
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APA CORPORAT ION 28 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 noncontrolling 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 29 Non – GAAP Reconciliations
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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 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. 30 ($ in millions) September 30, June 30, September 30, 2026 2026 2025 Net cash provided by operating activities 1,376$ 1,706$ 1,460$ Adjustments: Exploration seismic and administrative costs 28 14 18 Current income tax provision 338 234 100 Other adjustments to reconcile net income to net cash provided by operating activities (2) 15 (28) Changes in operating assets and liabilities 78 (198) (271) Financing costs, net (excludes gain/loss on extinguishment of debt) 38 54 48 Transaction, reorganization & separation costs 1 12 18 Adjusted EBITDAX (Non-GAAP) 1,857$ 1,837$ 1,345$ For the Quarter Ended
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APA CORPORAT ION 2026 2025 Net cash provided by operating activities 1,376$ 1,460$ Changes in operating assets and liabilities 78 (271) Cash flows from operations before changes in operating assets and liabilities 1,454$ 1,189$ Adjustments to free cash flow: Upstream capital investment including noncontrolling interest - Egypt (531) (608) Abandonment and decommissioning spend (112) (54) Leasehold acquisitions and other (19) (15) Distributions to Sinopec noncontrolling interest (93) (173) Free cash flow 699$ 339$ September 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. 31 ($ in millions)
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APA CORPORAT ION North Sea Egypt U.S. and Other Consolidated Net cash provided by operating activities (17)$ 452$ 941$ 1,376$ Changes in operating assets and liabilities 42$ 8$ 28$ 78$ Cash flows from operations before changes in operating assets and liabilities 25$ 460$ 969$ 1,454$ For the Quarter Ended September 30, 2026 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. 32 ($ 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) 33 September 30, June 30, March 31, December 31, 2026 2026 2026 2025 Current debt 3$ 2$ 134$ 213$ Long-term debt 3,292 3,741 4,280 4,280 Total debt 3,295 3,743 4,414 4,493 Cash and cash equivalents 75 444 293 516 Net debt 3,220$ 3,299$ 4,121$ 3,977$
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APA CORPORAT ION 2026 2025 Costs incurred in oil and gas property: As set and leasehold acquisitions 10$ 9$ Exploration and development 580 648 Total Costs incurred in oil and gas property 590$ 657$ Total Costs incurred in oil and gas property 590$ 657$ As set and leasehold acquisitions (10) (9) As set retirement obligations incurred - oil and gas property (5) (10) Capitalized interest (16) (12) Exploration seismic and administration costs (28) (18) Upstream capital investment including noncontrolling interest - Egypt 531$ 608$ Less noncontrolling interest - Egypt (65) (66) Total Upstream capital investment 466$ 542$ Reconciliation of Costs incurred to Upstream capital investment: For the Quarter Ended September 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) 34
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