First-Quarter 2025 Financial and Operational Supplement May 7, 2025
Permian and Egypt Durability with Visible Growth Building a Sustainable Base, Anchored by Permian and Egypt Permian Basin 75% of total Adjusted Production Transformed Permian into large-scale, focused unconventional position Egypt oil…
Early Progress on Controllable Spend Increasing 2025 Expected Realized Savings to 130MM, Doubling YE25 Run-Rate Savings Target to 225MM FY25 Expected Realized Savings Target Original 2025 Realized Savings Target 60 Million May-2025…
Driving Permian Capital Efficiency Doing More with Less in the Permian(1) Reducing Permian rig count from 8 to 6 in 2Q25 2023 2024 2025 (APA + CPE) (APA + 1Q CPE) (Guidance) Lowering FY25 U.S. capital guidance by 130MM Permian Rigs…
Realizing Significant Permian Drilling Efficiencies Average Feet Drilled per Day Improvements have reduced Rigs required to maintain flat U.S. Midland Basin rigs required to deliver production have decreased from 8 to 6.5 1,700…
2025 Permian Activity Cadence Permian Capital and U.S. Oil Production(1) Highlights Reducing rig count from 8 to 6 by the end of 125 130 600 122 the second quarter 120 500 110 Adjusting completion timing to better align 100…
Strong Progress and Outlook for Egypt Gas Year-over-year growth in gas volumes for the first time in 12 years Material exploration and appraisal prospects with access to existing infrastructure New pricing agreement allocates higher…
APAs Differentiating Factors in a Lower Oil Price Environment Egypt PSC & Oil & Gas Marketing Cost Focus Gas Opportunity Contracts Rigorously managing Capital, LOE, 575 Million In 2025E Third-Party Trading Income APA receives a…
First Quarter and Asset Overview APA CORPORATION 10
First Quarter in Review Highlights 1Q 2025 Global Portfolio Corporate Global Development capital below guidance primarily due to drilling efficiencies in the Permian and Egypt 468,978 BOE/D 50% / 17% / 33% Reported Production Oil /…
Operations Anchored by the Permian and Egypt Competitive Permian Cornerstone Egypt: Free Cash Flow Durability with Gas Upside Permian Net Acres (000)(1)(2) Permian Production (Mboe/d)(1)(3) Strong stable free cash flow generation…
Exploration Portfolio Led by Suriname Block 58 Exploration Portfolio Highlights Suriname Expected Free Cash Flow Profile(1) Suriname MM 60 Brent Scenario 220,000 B/d oil project underway with partner TotalEnergies 80 Brent Scenario…
Suriname GranMorgu: World Class Opportunity APAs Interest in GranMorgu Equates to Top Tier Cash Field Margin(2)(3)(4) 400 Midland Basin Locations at 30% of the Cost ( / BOE) GranMorgu Midland Basin (APA Net) (Average Well)(1) EUR…
Guidance Updates APA CORPORATION 15
Third-Party Oil & Gas Trading Summary 2025 Pre-Tax Margin Guidance(1)(3) 1Q25 realized gain of 123 million During the first quarter, hedged 67% of 575 2Q25-4Q25 firm transport volumes 2Q25-4Q25 120 Oil, Gas, & LNG at Strip(3) LNG…
Guidance Average Daily Production (000) 2Q 2025 FY 2025 Total Company Reported (Oil / BOE) (1) 231 / 457 233 / 463 FY25 Includes North Sea production of 22 Mbo/d & 27 Mboe/d (1) Total Company Adjusted (Oil / BOE) 191 / 391 193 /…
Appendix APA CORPORATION 18
Strong Balance Sheet and Manageable Maturities 1Q25 Activity Obligor Exchange & Tender Offer Overview ( in millions) Apache APA Total Moved 3.6B Apache bonds to APA 4,835 - 4,835 Bonds Outstanding (12/31/24) Reduced bonds by 200MM…
Reconciliation to Non-GAAP Definition Update Changing Definitions for Upstream Capital Investment and Free Cash Flow; No Impact to Bottom Line Old Definitions Reference 1Q25 Non-GAAP Free Cash Flow (MM) Upstream Capital Investment…
Upstream Capital Investment 1Q 2025 ( in millions) United States* 480 Egypt (excluding noncontrolling interest) 112 North Sea 2 Suriname 116 Upstream Capital Investment Total** 710 *United States capital includes 41…
Egypt Production Detail 4Q 2024 1Q 2025 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 134,504 438,052 207,513 128,025 456,955 204,184 Reported Production 89,927 300,118 139,947 86,173 317,209 139,041…
Commodity Derivative Instruments Basis Swap Purchased Basis Swap Sold MMBtu Weighted Average MMBtu Weighted Average Production Period Settlement Index (in 000s) Price Differential (in 000s) Price Differential April December 2025…
Upstream Capital Investment: Includes exploration, development, gathering, processing, and transmission capital, and capitalized overhead. Excludes capital investment for property and leasehold acquisitions, non-cash asset retirement…
Non-GAAP Reconciliations APA CORPORATION 25
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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