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3Q 2019 Financial and Operational Supplement – Apache Corp

Apache Corp · Oct 31, 2019 · 30 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 1
    Third-Quarter 2019 Financial & Operational Supplement
  2. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 2
    3Q 2019 Key Metrics 3Q 2019 Reported Production 451 Mboe/d Adjusted Production(1) 391 Mboe/d Cost Incurred in Oil and Gas Property 646 Million Upstream Capital Investment(2) 590 Million Net Cash Provided by Operating Activities…
  3. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 3
    Highlights On track to meet 2019 upstream capital Adjusted production of investment budget of 2.4 billion 391 MBOE/D At current strip, anticipate 2020 budget Exceeded guidance of 373 - 383 Mboe/d 10 20% below 2019 upstream…
  4. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 4
    Permian Oil Production 2019 Production Guidance Update (Mbo/d) 4Q19E approximately 100 Mbo/d (lower end of prior guidance range) Combination of unplanned downtime, delay in completions and well maintenance timing 99 98 100 95 90…
  5. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 5
    Alpine High Production 2019 Production Guidance Update (Mboe/d) Reduced 4Q guidance by 5% due to reduced activity and lower than expected production from our recent Blackfoot pad 120 4Q guidance assumes no deferrals and 100% ethane…
  6. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 6
    International Production 2019 Production Guidance Update (Mboe/d) Quarterly Annual No change to prior guidance for 4Q19 & FY 2019 145 132 - 135 134 133 - 134 132 125 North Sea Seasonal TAR Impact 1Q'19 2Q'19 3Q'19…
  7. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 7
    3Q Results 8
  8. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 8
    3Q 2019 Global Portfolio Balanced Portfolio Aligns Returns Focus & Strategic Objectives GLOBAL 450,644 BOE/D 51% / 33% / 16% 64 Gross, 63 Net 20 Reported Production Oil / Gas / NGL Drilled & Completed Wells(1) Avg Rigs UNITED…
  9. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 9
    3Q Permian Summary Midland Basin REGION STATS 254,432 BOE/D Averaged 3 rigs, 2 frac crews and placed 20 wells on production Reported Production Strong results from Lower Cline test well at Azalea (Driver Schrock pad) Average 30-day…
  10. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 10
    Well Highlights: Midland Basin MIDLAND BASIN Midland Glasscock 1 2 Upton Reagan LATERAL AVG 30-DAY AVG 30-DAY IP PAD FORMATION AREA COUNTY OIL (FT) IP/WELL BOEPD/1,000 FT Wolfcamp, 1 Driver Schrock (11 Wells) Azalea…
  11. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 11
    Well Highlights: Other Delaware Basin OTHER DELAWARE BASIN 4 1, 2, 3 LATERAL AVG 30-DAY AVG 30-DAY IP PAD / WELL FORMATION AREA COUNTY Oil % (FT) IP/WELL BOEPD/1,000 FT 1 Jackson (2 Wells) Wolfcamp Dixieland Reeves…
  12. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 12
    3Q Egypt Summary REGION HIGHLIGHTS REGION STATS Second well brought online in Cobra field (East Bahariya concession) 130,934 BOE/D Cobra-2 well flowing at 3,000 BOPD from the lower Bahariya formation Reported Production Follow-up to…
  13. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 13
    3Q North Sea Summary REGION HIGHLIGHTS REGION STATS 53,800 BOE/D Impressive results from BK-7 well at Buckland Reported Production Gross rates of over 11,500 BOPD (APA 59% WI) 82% / 15% / 3% Additional up-hole potential Oil / Gas /…
  14. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 14
    Offshore Suriname: High-Impact Oil Exploration Ranger Block 58 comprises 1.4 MM acres in an active Stabroek Area hydrocarbon system Exxon Discoveries Acquired in June 2015, 100% Apache owned Pacora 3-D seismic surveys & processing…
  15. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 15
    3Q 2019 Operating Cash Margins Brent Oil Price Exposure and Premium NGL / Gas Prices Drives Strong International Margins Egypt North Sea Permian 60 50 50 / Boe 45 / Boe 40 33 30 35 Per Boe 26 / Boe Per Boe 20 17 / Boe 16 10…
  16. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 16
    4Q 2019 Guidance (1) Excludes dry hole expense and unproved leasehold impairments. 17
  17. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 17
    2019 Guidance (1) Refer to glossary of referenced terms for definition of Upstream Capital Investment. (2) Represents combination of 100% Altus Midstream Company operating expense and Apache upstream GPT costs. (3) Excludes dry…
  18. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 18
    Appendix 19
  19. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 19
    Framework for Long-Term Value Creation BALANCED PORTFOLIO APPROACH Exploration / Development Conventional / Unconventional Oil / Liquids Rich Gas / Lean Gas OPERATIONAL FLEXIBILITY Actively Manage Capital Allocation to Reflect…
  20. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 20
    Glossary of Referenced Terms Upstream Capital Investment: Includes exploration, development, gathering, processing, and transmission capital, capitalized overhead, and settled asset retirement obligations, and excludes capitalized…
  21. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 21
    Upstream Capital Investment ( in Millions) 1Q19 2Q19 3Q19 Permian... 415 426 388 MidCon / Gulf Coast... 18 12 1 Gulf of Mexico. 12 16 31 United States... 445 454 420 Egypt (Apache's interest only). 88 71 65 North Sea 62 62…
  22. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 22
    Open Commodity Derivative Positions As of October 30, 2019 Oil Basis Hedges Weighted BBL Average Price Production Period Index (per day) Differential October- December 2019 Midland/WTI 15,000 (3.72) Natural Gas Basis Hedges…
  23. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 23
    Egypt: Production Detail 2Q 2019 3Q 2019 Liquids Gas Liquids Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 200,374 729,378 321,937 189,118 673,065 301,296 Reported Production 84,659 277,552 130,917 85,005…
  24. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 24
    Non GAAP Reconciliations 25
  25. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 25
    Non GAAP Reconciliation Adjusted Earnings Reconciliation of Income Attributable to Common Stock to Adjusted Earnings Our presentation of adjusted earnings and adjusted earnings per share are non-GAAP measures because they exclude the…
  26. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 26
    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…
  27. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 27
    Non GAAP Reconciliation Regional 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 continuing operations…
  28. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 28
    Non GAAP Reconciliation Cash Flow From Operations Before Changes in Operating Assets and Liabilities Reconciliation of Net Cash Provided by Operating Activities to Cash Flows from Operations before Changes in Operating Assets and…
  29. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 29
    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…
  30. 3Q 2019 Financial and Operational Supplement – Apache Corp – slide 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 Apache's…

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