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  Economics : Break-Even

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10+ Years of Economic Permian Inventory Reflects Current Cost Structure Economic Inventory Breakeven Distribution (Gross)1 100 1,700 locations achieve Gross Locations by Basin More than 1,000 10% return at 75 locations achieve 10% Delaware return at 50 Basin 80 WTI oil price for 10% IRR ( / bbl)(1) Midland Basin 60 40 20 - - 500 1,000 1,500 Location Count (1) Breakeven defined as oil price required to achieve a 10% rate of return; Assumes 2.50 Waha gas price APA CORPORATION 12
APA Corp.
February 2026

Five Year Benchmark Maintenance Scenario Integrating our capital allocation priorities with our Maintenance Scenario 2021-2025 Benchmark Maintenance Case & Capital Return Framework Material and sustainable free cash flow generation 15.0 2022+ Debt Cumulative FCF of 8B, reinvestment rate of 40%, Reduction Base Dividend at flat 60/bbl WTI and 3/MMBtu Henry Hub 2021 Debt Reduction Cumulative FCF of 5B, reinvestment rate of 50%, 60 WTI at flat 50/bbl WTI and 3/MMBtu Henry Hub Other return to 10.0 Maintenance Scenario and Return of Capital Framework Equity Holders highlight potential for material return of capital to investors Billion Targeting 1B per annum to equity holders at 60/bbl 6.5B Return of 60 WTI Capital objective Beyond 2021, anticipate retiring debt at maturity 60 WTI at 60/bbl WTI 5.0 50 WTI Corporate FCF breakeven below 35/bbl WTI, capital allocation across multi-basin portfolio, and 100MM of cumulative GHG reduction spend 50 WTI 50 WTI Permian and Oklahoma comprise 20% to 30% of annual Resource Play capital beyond 2021 0.0 Cash Flow from Free Cash Flow Return of Capital Operations (Debt Reduction + Equity Return) 20
Marathon Oil Corp
November 2021

EASTERN HOWARD COUNTY THE NEXT BIG OIL PLAY Eastern Howard County projected wells compare favorably with Western Howard County wells Western vs. Eastern Howard County (Wolfcamp A 10,000) Howard County Map Western Eastern HighPeak Howard Howard Energy EUR (MBbls/1,000) (1) 58 62 68 Avg. Net Thickness 200 300 200 250 Avg. Net to Gross 82% 89% % Developed 32% 8% % Oil 71% 85-90% Total Well Cost (/ft) 573/ft 649/ft 530/ft (2) Western Howard NPV/Well (MM) (3) 9.4mm 8.0mm 10.6mm Avg. Breakeven (/Bbl, 20:1) (3) 33/Bbl 36/Bbl 28/Bbl HighPeak planned average lateral length of 12,500 in the WCA has a projected per well NPV of 13.6mm (4) Source: Enverus. (3) Based on average Hz WCA well from 2017-2020 using stated D&C costs for a 10,000 lateral. Eastern Howard based on (1) WCA average for 2017-2020, Eastern Howard results based on HighPeak performance for wells with greater than 6 months HighPeak WCA YE20 audited type curve. NPV assumes 63/Bbl (WTI) & 3.00/Mcf (Henry Hub). of production data. (4) Based on average CGA provided HighPeak type curve for the Wolfcamp A. 13 (2) Represents HighPeaks average development costs for a 10,000 lateral length well.
HighPeak Energy
March 2021
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