Fourth-Quarter 2024 Financial and Operational Supplement February 26, 2025
Permian and Egypt Durability with Visible Growth Building a Sustainable Base, Anchored by Permian and Egypt Permian Basin now 75% of total Adjusted Production Transformed Permian into large-scale, focused unconventional position Egypt…
Differentiated Free Cash Flow Growth Story Anchored by 8 Rigs in the Permian and 12 Rigs in Egypt with Growth from GranMorgu Phase 1 in 2028+ (1)(2)(3) Free Cash Flow / Share Includes cost reduction goal of 350MM by YE27, sustained…
Path to Becoming a Cost Leader Reducing Controllable Spend (LOE, Overhead and Development Capital Ex-Suriname) Controllable Spend Profile(1) Portfolio Changes Cost Initiatives 4.4 Bn 380 MM 4.0 Bn 60 MM 3.7 Bn Realized…
Operations Anchored by the Permian and Egypt (5) Competitive Permian Cornerstone Egypt: Free Cash Flow Durability with Gas Upside Permian Net Acres (000)(1)(2) Permian Production (Mboe/d) (1)(3) Strong and stable free cash flow…
Callon Update: Improving Delaware Basin Economics Well Costs per Lateral Foot (DC&F)(1) Improved Capital Efficiencies and Development Planning Driving Competitive Returns Lateral lengths increased 15% in 2024 compared to 2023 Total…
Exploration Portfolio Led by Suriname Block 58 Suriname Suriname Expected Free Cash Flow Profile(1) Reached FID on 220,000 B/d oil project with partner TotalEnergies 60 Brent Scenario MM APAs carry agreement significantly reduces…
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 GranMorgu (APA Net) (Average…
Committed to Strong Balance Sheet & Shareholder Returns (1) (3) Right Size Balance Sheet Return Free Cash Flow to Shareholders Dividends (2) 8.5BN Net Debt/Adjusted EBITDAX Capital Returns Framework 24% 3.9x Return 60% of FCF to…
Fourth Quarter in Review Fourth Quarter Highlights 4Q 2024 Global Portfolio Financial Global Generated 420 million of free cash flow, highest quarter of the year 54% / 17% / 29% 488,308 BOE/D S&P upgrade to BBB-, investment grade at…
2025 Plan and Guidance AP A CO RPO R AT IO N 12
2025 Plan Overview Focused on Cost Management and Capital Efficiency in 2025+ Plan Highlights Planned Activity & Cash Flow Sensitivity Total development capital expected to be 17% lower YoY, total adjusted production to grow…
1Q 2025 & FY 2025 Guidance Average Daily Production (000) 1Q 2025 FY 2025 (1) Total Company Reported (Oil / BOE) 234 / 465 232 / 462 (1) Total Company Adjusted (Oil / BOE) 193 / 399 191 / 396 FY25 Includes North Sea production of 22…
Appendix AP A CO RPO R AT IO N 15
Reducing Controllable Spend: Focus Areas Cost Reduction Efforts Focus Areas 2025 Opportunities 2026+ Opportunities Headcount rationalization and span of Further streamline organization through Overhead control consolidation…
Upstream Capital Investment 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Total ( in millions) United States* 419 665 547 459 2,090 Egypt (excluding noncontrolling interest) 137 133 118 118 506 North Sea 6 16 13 8 43 Suriname 6 25 20 7 58…
Egypt Production Detail 3Q 2024 4Q 2024 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 136,670 447,173 211,199 134,504 438,052 207,513 Reported Production 91,673 300,418 141,742 89,927 300,118 139,947…
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 AP A CO RPO R AT IO N 21
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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