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1Q 2023 Earnings Presentation – APA Corp.

APA Corp. · May 3, 2023 · 25 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. 1Q 2023 Earnings Presentation – APA Corp. – slide 1
    First-Quarter 2023 Financial & Operational Supplement
  2. 1Q 2023 Earnings Presentation – APA Corp. – slide 2
    1Q 2023 Key Metrics 1Q 2023 Reported Production 394 Mboe/d Adjusted Production(1) 318 Mboe/d Cost Incurred in Oil and Gas Property 573 Million Upstream Capital Investment(2) 495 Million Net Cash Provided by Operating…
  3. 1Q 2023 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. 1Q 2023 Earnings Presentation – APA Corp. – slide 4
    Recent Highlights Generated 272 Million Returned 81% (220 Million) of of Free Cash Flow(1) in 1Q23 Free Cash Flow to Shareholders in 1Q23 1Q23 Upstream Capital Investment(1) Repurchased 142 Million of Stock of 495 Million & 74…
  5. 1Q 2023 Earnings Presentation – APA Corp. – slide 5
    1Q Asset Update 6
  6. 1Q 2023 Earnings Presentation – APA Corp. – slide 6
    1Q 2023 Global Portfolio GLOBAL 394,249 BOE/D 50% / 15% / 35% 44 Gross, 43 Net 26 Reported Production Oil / NGL / Gas Drilled & Completed Wells(1) Avg Rigs UNITED STATES INTERNATIONAL 201,580 BOE/D 192,669 BOE/D Reported…
  7. 1Q 2023 Earnings Presentation – APA Corp. – slide 7
    U.S. Update ASSET HIGHLIGHTS 1Q 2023 ASSET STATS Strong drilling performance across Southern Midland & Delaware Basins; 201,580 BOE/D production declined sequentially as expected due to completion cadence Reported Production 36% /…
  8. 1Q 2023 Earnings Presentation – APA Corp. – slide 8
    Egypt Update ASSET HIGHLIGHTS 1Q 2023 ASSET STATS 147,186 BOE/D 1Q23 gross oil production and well completions in-line with expectations Reported Production 60% / 0% / 40% Oil / NGL / Gas Drilling success rate of 73% (19 of 26…
  9. 1Q 2023 Earnings Presentation – APA Corp. – slide 9
    North Sea Update ASSET HIGHLIGHTS 1Q 2023 ASSET STATS 45,483 BOE/D Platform operating efficiencies at both Beryl and Forties above 1Q23 Reported Production expectations 82% / 3% / 15% Oil / NGL / Gas 1 Gross, 1 Net Brought…
  10. 1Q 2023 Earnings Presentation – APA Corp. – slide 10
    Suriname Update Block 58 (APA 50% WI, TTE Operated) Progressing toward oil-hub development project at Sapakara / Krabdagu area o Estimated combined in place oil resource at Sapakara and Krabdagu-1 800 MMBbls Currently appraising…
  11. 1Q 2023 Earnings Presentation – APA Corp. – slide 11
    Guidance 2Q 2023 FY 2023(1) Commentary Production (Mboe/d) United States.. 212 (35% oil) 217 (36% oil) Excludes impact of future gas curtailments in event of continued Waha price weakness Egypt (Reported). 143 (61% oil) 143 (64% oil)…
  12. 1Q 2023 Earnings Presentation – APA Corp. – slide 12
    Appendix 13
  13. 1Q 2023 Earnings Presentation – APA Corp. – slide 13
    Cash Return Summary 2021 2022 1Q 2023 Total Shares Repurchased (MM) 31.2 36.2 3.7 71.0 1Q 2023 Share Repurchases Average Stock Repurchase Price 27.14 39.34 38.93 33.96 1.1mm shares at 45.96(1) 2.5mm shares at 35.85 Share…
  14. 1Q 2023 Earnings Presentation – APA Corp. – slide 14
    Gas Sales Contract with Cheniere(1) Contract Start: 8/1/2023 Contract Volume: 140 MMcf/d 2H 2023 Cash Flow Impact: 175 Million(2) (5 months of cash flow) Annualized Cash Flow Sensitivities LNG Basket Price 10 20 40 Houston…
  15. 1Q 2023 Earnings Presentation – APA Corp. – slide 15
    Upstream Capital Investment ( in Millions) 1Q23 United States........... 291 Egypt (excluding noncontrolling interest).... 123 North Sea. 54 Suriname....................... 27 Upstream Capital Investment Total 495 For a…
  16. 1Q 2023 Earnings Presentation – APA Corp. – slide 16
    Egypt: Production Detail 4Q 2022 1Q 2023 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 139,587 559,401 232,821 140,764 545,049 231,606 Reported Production 88,716 373,911 151,034 87,794 356,350…
  17. 1Q 2023 Earnings Presentation – APA Corp. – slide 17
    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…
  18. 1Q 2023 Earnings Presentation – APA Corp. – slide 18
    Non-GAAP Reconciliations 19
  19. 1Q 2023 Earnings Presentation – APA Corp. – slide 19
    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…
  20. 1Q 2023 Earnings Presentation – APA Corp. – slide 20
    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…
  21. 1Q 2023 Earnings Presentation – APA Corp. – slide 21
    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…
  22. 1Q 2023 Earnings Presentation – APA Corp. – slide 22
    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…
  23. 1Q 2023 Earnings Presentation – APA Corp. – slide 23
    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…
  24. 1Q 2023 Earnings Presentation – APA Corp. – slide 24
    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…
  25. 1Q 2023 Earnings Presentation – APA Corp. – slide 25

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