First-Quarter 2024 Financial and Operational Supplement May 1, 2024
1Q 2024 Key Metrics 1Q 2024 Reported Production 389 Mboe/d Adjusted Production(1) 320 Mboe/d Cost Incurred in Oil and Gas Property 717 Million Upstream Capital Investment(2) 568 Million Net Cash Provided by Operating…
APA Strategic Framework Remain Build and Maintain Deliver Top Committed to Grow a High- Financial Operational Oil and Gas Quality Portfolio Discipline Performance Oil and gas production APA seeks a diverse APA manages costs, Across…
Recent Highlights Continued Permian strength drove Returned 176 Million to shareholders in U.S. oil volumes above guidance 1Q24 through dividends and share buybacks Adjusted production(1)(2) of 320 MBOE/D Repurchased 100 Million of…
Callon Integration and Guidance APA CORPORATION 6
Callon Acquisition Enhances Permian Oil Leverage 4Q23 APA 4Q24 % Standalone Estimate Change First APA planned, drilled, and completed U.S. Oil Production (Mbo/d) 84 152 81% wells on Callon legacy acreage expected to be placed on…
Guidance FY 2024 guidance reflects APA standalone for 1Q24; includes Callon for 2Q24-4Q24 2Q 2024 FY 2024 Commentary Production (Mboe/d) United States. 303 293 Reflects curtailments of 50 MMcf/d of gas & 5 mb/d of NGL in 2Q24 Egypt…
1Q 2024 Asset Update APA CORPORATION 10
Differentiated Large Cap Independent with Diverse Asset Base NORTH 1Q 2024 Global Portfolio ALASKA SEA Global PERMIAN EGYPT 389,157 BOE/D 51% / 15% / 34% Reported Production Oil / NGL / Gas SURINAME 33 Gross, 33 Net 23…
U.S. Update Asset Highlights 1Q 2024 Asset Stats 214,050 BOE/D Permian program continues to deliver strong results Reported Production 39% / 26% / 35% Asset integration underway; currently running 11 Permian rigs Oil / NGL / Gas…
Egypt Update Asset Highlights 1Q 2024 Asset Stats 135,140 BOE/D Reported Production Drilling program performed in line with first-quarter expectations 64% / 0% / 36% Oil / NGL / Gas Average drilling days, well connection timing…
North Sea Update Asset Highlights 1Q 2024 Asset Stats 39,967 BOE/D Reported Production First-quarter production slightly below guidance, impacted by a decrease 75% / 3% / 22% Oil / NGL / Gas in average facility run time in March…
Exploration Portfolio Update ALASKA Suriname (Block 58) Targeting FID by year-end 2024 Alaska (Lagniappe JV) King Street 1 confirmed working petroleum system in APAs JV leasehold; discovered high-quality oil in two target…
Upstream Capital Investment 1Q 2024 ( in millions) United States* 419 Egypt (excluding noncontrolling interest) 137 North Sea 6 Suriname 6 Upstream Capital Investment Total 568 *United States capital includes 70 million of…
Egypt Production Detail 4Q 2023 1Q 2024 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 141,953 466,403 219,687 137,972 457,248 214,180 Reported Production 92,365 309,814 144,001 86,768 290,227 135,140…
Upstream Capital Investment: Includes exploration, development, gathering, processing, and transmission capital, capitalized overhead, and settled asset retirement obligations. Excludes capital investment for property acquisitions,…
APA Exploration Portfolio APA CORPORATION 21
Suriname Update Block 58 (TotalEnergies Operated) Announced Oil Hub Project at Sapakara and Krabdagu in Fall of 2023 FEED study progressing on 200 MBO/D FPSO project Underpinned by an estimated 700 million barrels of recoverable…
Alaska Update Exploration Joint Venture (North Slope, Alaska) Established Joint Venture between APA (50%), Lagniappe Alaska, LLC (25%) and Santos Ltd (25%) 275,000 gross acre position situated on state lands Note: Lagniappe…
Uruguay Update OFF-6 (100% Working Interest, APA Operated) 16,500 km2 (4.1 million acres) Exploration well obligation OFF-4 (50% Working Interest, APA Operated) Working interest partner with Shell (50% / 50%) 10,000 km2 (2.5…
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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