Third-Quarter 2024 Financial and Operational Supplement November 6, 2024
3Q 2024 Key Metrics 3Q 2024 Reported Production 467 Mboe/d Adjusted Production(1) 395 Mboe/d Cost Incurred in Oil and Gas Property 957 Million Upstream Capital Investment(2) 698 Million Net Cash Provided by Operating Activities…
Recent Highlights Permian and Egypt performance Announced FID on 220,000 barrel per day drove oil volumes above guidance development project in Suriname Adjusted production(1)(2) of 395 MBOE/D First oil expected in Mid-2028…
2024 Progress United States / Permian Callon purchase increased unconventional acreage by approximately 40% Permian represented 75% of companywide adjusted production in 3Q24 APA Permian scale competitive with other mid to large cap…
3Q 2024 Asset Update APA CORPORATION 6
Differentiated Large Cap Independent with Diverse Asset Base NORTH 3Q 2024 Global Portfolio ALASKA SEA Global PERMIAN EGYPT 467,480 BOE/D 55% / 17% / 28% Reported Production Oil / NGL / Gas SURINAME 68 Gross, 61 Net 20.5…
Permian Update Asset Highlights 3Q 2024 U.S. Stats 300,709 BOE/D 7th consecutive quarter of meeting or exceeding U.S. oil volume guidance Reported Production Averaged 5 rigs in the Midland Basin and 4 rigs in the Delaware Basin 48%…
APAs Midland & Delaware Position Increased unconventional scale and inventory; streamlined footprint and reduced cost structure Pre-Callon Acquisition Post-Callon Acquisition & Non-Core Divestitures APA UNCONVENTIONAL LEASEHOLD…
Egypt Update Asset Highlights 3Q 2024 Asset Stats 141,742 BOE/D Reported Production 65% / 0% / 35% 3Q24 oil production ahead of expectations on strong performance from new Oil / NGL / Gas wells, recompletions and base production…
Suriname Block 58 GranMorgu project overview and field layout 750 MMBO Estimated Recoverable Resource FPSO 220 MBO/D oil capacity 2.1 MMBO storage capacity 450 MMCF/D gas capacity All gas reinjected No routine flaring Krabdagu…
Suriname Block 58: GranMorgu First Five Years Based on the 750+ MMBO estimated recoverable oil resource case announced at FID on October 1, 2024 Daily Oil Production (Net to APA) (1) Capital 60 80 Brent Scenario 60 Brent Scenario APA…
North Sea Update Asset Highlights 3Q 2024 Asset Stats 25,029 BOE/D Reported Production 85% / 2% / 13% Oil / NGL / Gas 0 Gross, 0 Net Drilled & Completed Wells Completed planned maintenance turnarounds on schedule, third quarter…
Guidance APA CORPORATION 14
Guidance Full year guidance reflects APA standalone for 1Q24, plus Callon for 2Q24-4Q24 4Q 2024 FY 2024 Commentary Production (Mboe/d) United States... 312 283 Reflects estimated 4Q24 U.S. curtailments of 22 Mboe/d Egypt (Reported)(1).…
Preliminary 2025 Outlook 2024 pro-forma includes Callon 1Q24 results (unaudited) and excludes all contribution from non-core asset sales U.S. + Egypt + North Sea Capital (MM)(1) Expect 15% - 19% YoY reduction in U.S., Egypt and…
APA Exploration Portfolio APA CORPORATION 17
Alaska Endicott Exploration Joint Venture (North Slope, Alaska) Liberty Prudhoe Bay Established Joint Venture between APA (50%), Lagniappe Point Thompson Badami Alaska, LLC (25%) and Santos Ltd (25%) 326,000 gross acre…
Uruguay OFF-6 (100% Working Interest, APA Operated) 16,500 km2 (4.1 million acres) One exploration well obligation OFF-4 (50% Working Interest, APA Operated) Working interest partner with Shell (50% / 50%) 10,000 km2 (2.5 million…
Upstream Capital Investment 1Q 2024 2Q 2024 3Q 2024 Total ( in millions) United States* 419 665 547 1,631 Egypt (excluding noncontrolling interest) 137 133 118 388 North Sea 6 16 13 35 Suriname 6 25 20 51 Upstream Capital…
Egypt Production Detail 2Q 2024 3Q 2024 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 139,490 431,750 211,448 136,670 447,173 211,199 Reported Production 87,702 273,077 133,215 91,673 300,418 141,742…
Upstream Capital Investment: Includes exploration, development, gathering, processing, and transmission capital, capitalized overhead, and settled asset retirement obligations. Excludes capital investment for property acquisitions,…
Non-GAAP Reconciliations APA CORPORATION 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…
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…
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…
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…
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…
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…
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