Second-Quarter 2025 Financial and Operational Supplement AUGUST 6, 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…
Initiating Long-Term Net Debt Target of 3.0 Billion Rationale for Further Deleveraging Balanced Capital Returns Approach Base Dividends Positions APA for through-cycle resiliency 1.1 Billion Enhances shareholder return flexibility…
Second Quarter and Asset Overview APA CORPORATION 6
Recent Highlights Highlights 2Q 2025 Global Portfolio Corporate Global Accelerated controllable spend reduction targets on continued improvement to capital and overhead cost structures 465,078 BOE/D 51% / 17% / 32% Reduced net debt…
2025 Permian Activity Cadence Permian Activity and U.S. Oil Production Step-change in drilling efficiencies yielding measurable gains in operational execution Permian TIL Count (Gross / Net) 1Q25 2Q25 3Q25E 4Q25E Initiated rig count…
Significant Permian Capital Efficiency Improvement APA has reduced per-foot D&C costs by 20% Competitive Development Costs since 1H24 in both Midland & Delaware Basins Drilling & Completion Cost Per Lateral Foot(1) Delaware Basin…
Increasing Egypt Leasehold Acreage by More Than 35% In July, secured Presidential approval for the direct award of 2 million acres, APA Egypt Acreage: 7.5 Million Acres increasing APAs Egypt footprint by 35% Highly contiguous with…
Egypt Gas Materially Outperforming Original Guidance Beat and Raised Guidance for the Second Consecutive Quarter on Strong Productivity and Infrastructure Utilization Year-over-year growth in gas volumes for the first time in 12 years…
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: Project Update Project Delivery on Track for Mid-2028 First Oil Project Stats 750 MMBO 220 MBO/D Estimated Recoverable Oil Production Resource Capacity FY25 Suriname capital guidance raised to 275MM, reflecting…
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…
APAs Differential Gas Trading Portfolio Expect Third-Party Purchases & Sales to Generate 650 million of Pre-Tax Cash Flow in 2025 Permian Firm Transport Contracts Cheniere Global LNG Contract 750,000 MMbtu/d of contracted firm…
Guidance APA CORPORATION 16
Expect Reduction in U.S. & U.K. Current Taxes in 2026 Most Impactful OBBB Provisions Effective Date Restoration of 100% Bonus Depreciation Jan-2025 2025: Treatment of Intangible Drilling & Development Costs Jan-2026 Benefits from the…
Guidance Average Daily Production (000) 3Q 2025 FY 2025 (1) Includes FY25 North Sea production of 23 Mbo/d & 29 Mboe/d Total Company Reported (Oil / BOE) 228 / 448 232 / 457 (1) Total Company Adjusted (Oil / BOE) 187 / 379 189 / 387…
Appendix APA CORPORATION 19
Upstream Capital Investment ( in millions) 1Q 2025 2Q 2025 United States Lower 48 439 486 Egypt (excluding noncontrolling interest) 112 115 North Sea 2 -- DC&F Capital (Permian, Egypt, North Sea) 553 601 Suriname 116 31…
Egypt Production Detail 1Q 2025 2Q 2025 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 128,025 456,955 204,184 123,852 479,235 203,724 Reported Production 86,173 317,209 139,041 86,210 345,649 143,818…
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 July 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 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…
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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