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4Q 2022 Earnings Presentation – APA Corp.

APA Corp. · Feb 22, 2023 · 29 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. 4Q 2022 Earnings Presentation – APA Corp. – slide 1
    Fourth-Quarter & Full-Year 2022 Financial & Operational Supplement
  2. 4Q 2022 Earnings Presentation – APA Corp. – slide 2
    4Q and Full-Year 2022 Key Metrics 4Q 2022 FY 2022 Reported Production 414 Mboe/d 396 Mboe/d Adjusted Production(1) 334 Mboe/d 318 Mboe/d Cost Incurred in Oil and Gas Property 472 Million 2,569 Million Upstream Capital…
  3. 4Q 2022 Earnings Presentation – APA Corp. – slide 3
    APA Corporation Strategy Foundation For Disciplined Leveraging Long-Term Financial Approach Diversified Success Portfolio Prioritize long-term, full-cycle returns Return a minimum of 60% of Free Diversify risk through a…
  4. 4Q 2022 Earnings Presentation – APA Corp. – slide 4
    2022 Highlights Generated 2.5 billion of Free Cash Flow (FCF)(1); 2nd highest in APAs 68-year history Returned 1.6 billion (66% of FCF) to APA shareholders through share buybacks & dividends Reduced outstanding shares by 10% and…
  5. 4Q 2022 Earnings Presentation – APA Corp. – slide 5
    2022 Debt & Share Repurchase Activity Bond Debt Activity ( millions) Share Repurchase Activity (millions) Repurchased in 2022 (1.4BN) Shares Repurchased Average Price Shares (MM) Price () 15 50 44.40 3,400 41.59 12 36.07 40…
  6. 4Q 2022 Earnings Presentation – APA Corp. – slide 6
    2023 Plan Overview Planned Drilling Activity Onshore U.S.: Average 5 rigs (2 SMB / 3 Delaware) 2023 Plan Egypt: Average 17 rigs Upstream capital investment(1) of 2.0 - 2.1 billion North Sea: Maintain 1 platform crew / Release Ocean…
  7. 4Q 2022 Earnings Presentation – APA Corp. – slide 7
    Guidance 1Q 2023 FY 2023 Commentary Production (Mboe/d) United States.. 199 (35% oil) 217 (36% oil) Well completion timing & ethane rejection result in 1Q23 production decline Egypt (Reported). 146 (60% oil) 143 (64% oil) North Sea.. 43…
  8. 4Q 2022 Earnings Presentation – APA Corp. – slide 8
    4Q Asset Update 9
  9. 4Q 2022 Earnings Presentation – APA Corp. – slide 9
    4Q 2022 Global Portfolio GLOBAL 414,435 BOE/D 48% / 16% / 36% 39 Gross, 38 Net 26 Reported Production Oil / NGL / Gas Drilled & Completed Wells(1) Avg Rigs UNITED STATES INTERNATIONAL 217,830 BOE/D 196,605 BOE/D Reported…
  10. 4Q 2022 Earnings Presentation – APA Corp. – slide 10
    4Q 2022 Operating Cash Margins (Pre-Tax) Egypt North Sea United States 100 90 91 / Boe 80 70 68 60 Per Boe 59 / Boe 50 - 3 vs. 3Q 40 48 44 / Boe 31 30 Per Boe Per Boe - 9 23 / Boe - 10 20 vs. 3Q 13 / Boe vs. 3Q 11 /…
  11. 4Q 2022 Earnings Presentation – APA Corp. – slide 11
    U.S. Update ASSET HIGHLIGHTS 4Q 2022 ASSET STATS Exceeded U.S. production guidance with strong well performance across legacy 217,830 BOE/D Reported Production Midland/Delaware areas & recently acquired properties in Texas Delaware…
  12. 4Q 2022 Earnings Presentation – APA Corp. – slide 12
    2023 U.S. Production Growth Trajectory U.S. Production & Wells Online Cadence Production (Mboe/d) Wells 250 25 Over 10% oil growth expected from 4Q22 to 4Q23 218 200 199 20 150 15 During 1Q23, anticipate 9% decline in U.S.…
  13. 4Q 2022 Earnings Presentation – APA Corp. – slide 13
    Egypt Update ASSET HIGHLIGHTS 4Q 2022 ASSET STATS 151,034 BOE/D Rig efficiency (wells per rig/yr) improved 18% in 4Q22 vs 1H22 average Reported Production 59% / 0% / 41% Oil / NGL / Gas Drilling success rate of 91% (31 of 34…
  14. 4Q 2022 Earnings Presentation – APA Corp. – slide 14
    North Sea Update ASSET HIGHLIGHTS 4Q 2022 ASSET STATS 45,571 BOE/D Significant uptick in 4Q22 production post 3Q22 downtime & turnarounds Reported Production 82% / 3% / 15% Oil / NGL / Gas Improved facilities uptime for the…
  15. 4Q 2022 Earnings Presentation – APA Corp. – slide 15
    Suriname Update Block 58 (APA 50% WI, TTE Operated) Announced successful flow test at Sapakara South-2 (SPS-2) o Encountered 36 meters (118 ft) of net oil pay o Analysis indicates incremental resource to Sapakara South-1 (SPS-1) of…
  16. 4Q 2022 Earnings Presentation – APA Corp. – slide 16
    Appendix 17
  17. 4Q 2022 Earnings Presentation – APA Corp. – slide 17
    Cash Return Summary 2021 2022 Total Shares Repurchased (MM) 31.2 36.2 67.4 Average Stock Repurchase Price 27.14 39.34 33.69 Share Repurchases (MM) 847 1,423 2,270 Dividends (MM) 52 207 259 Total Cash Return (MM) 899 1,630…
  18. 4Q 2022 Earnings Presentation – APA Corp. – slide 18
    Upstream Capital Investment ( in Millions) 1Q22 2Q22 3Q22 4Q22 FY22 United States........... 175 192 235 241 843 Egypt (excluding noncontrolling interest).... 98 109 118 145 470 North Sea. 36 41 66 65 208…
  19. 4Q 2022 Earnings Presentation – APA Corp. – slide 19
    Egypt: Production Detail 3Q 2022 4Q 2022 Liquids Gas Liquids Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 133,607 510,260 218,650 139,587 559,401 232,821 Reported Production 81,095 318,945 134,253 88,716…
  20. 4Q 2022 Earnings Presentation – APA 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. Excludes capital investment…
  21. 4Q 2022 Earnings Presentation – APA Corp. – slide 21
    Non-GAAP Reconciliations 22
  22. 4Q 2022 Earnings Presentation – APA Corp. – slide 22
    Non GAAP Reconciliation Adjusted Earnings (Quarter to Date) 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…
  23. 4Q 2022 Earnings Presentation – APA Corp. – slide 23
    Non GAAP Reconciliation Adjusted Earnings (Year to Date) 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…
  24. 4Q 2022 Earnings Presentation – APA Corp. – slide 24
    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…
  25. 4Q 2022 Earnings Presentation – APA Corp. – slide 25
    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…
  26. 4Q 2022 Earnings Presentation – APA Corp. – slide 26
    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…
  27. 4Q 2022 Earnings Presentation – APA Corp. – slide 27
    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…
  28. 4Q 2022 Earnings Presentation – APA Corp. – slide 28
    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…
  29. 4Q 2022 Earnings Presentation – APA Corp. – slide 29

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