Second-Quarter 2024 Financial and Operational Supplement July 31, 2024
2Q 2024 Key Metrics 2Q 2024 Reported Production 473 Mboe/d Adjusted Production(1) 405 Mboe/d Cost Incurred in Oil and Gas Property(2) 5,426 Million Upstream Capital Investment(3) 839 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 Permian and Egypt performance Returned 135 Million to shareholders in drove oil volumes above guidance 2Q24 through dividends and share buybacks Adjusted production(1)(2) of 405 MBOE/D Repurchased 43 Million of…
Callon Integration and Guidance APA CORPORATION 6
Integration of Callons Permian Assets Increasing synergy target to 250 million, up from original estimate of 150 million Estimated Annual Run-Rate Savings Initial Estimate New Estimate Synergy Progress (Jan-2024) (Jul-2024)…
Guidance Full year guidance reflects APA standalone for 1Q24, plus Callon for 2Q24-4Q24 3Q 2024 FY 2024 Commentary Production (Mboe/d) United States... 298 286 Reflects 3Q24 U.S. curtailments of 90 MMcf/d of gas & 7.5 Mb/d of NGL Egypt…
2Q 2024 Asset Update APA CORPORATION 9
Differentiated Large Cap Independent with Diverse Asset Base NORTH 2Q 2024 Global Portfolio ALASKA SEA Global PERMIAN EGYPT 473,409 BOE/D 54% / 17% / 29% Reported Production Oil / NGL / Gas SURINAME 82 Gross, 77 Net 26…
Permian Update Asset Highlights 2Q 2024 U.S. Stats 303,416 BOE/D Reported Production Callon integration and cost synergy realization ahead of schedule 46% / 26% / 28% Oil / NGL / Gas Strong Permian execution drove 2Q24 U.S. oil…
2024 Permian Activity Cadence Closed acquisition of Callon Petroleum on April 1, 2024 Permian Wells Online vs. U.S. Oil Production Wells Online Oil Production (Mbo/d) 80 80 160 160 143 143 150 Second-half production growth led…
Egypt Update Asset Highlights 2Q 2024 Asset Stats 133,215 BOE/D Reported Production Gross oil production of 139.5 Mbo/d exceeded expectations on strong 66% / 0% / 34% performance from new wells, recompletions and base production…
North Sea Update Asset Highlights 2Q 2024 Asset Stats 36,778 BOE/D Reported Production 72% / 4% / 24% Second-quarter production ahead of guidance as facility runtimes were Oil / NGL / Gas better than forecasted 0 Gross, 0 Net…
Exploration Portfolio Update ALASKA Suriname (Block 58) FPSO hull secured for 200,000 barrel per day development project Field development area agreed upon by partners and government Remain on-track for FID by year-end 2024 and…
Upstream Capital Investment 1Q 2024 2Q 2024 Total ( in millions) United States* 419 665 1,084 Egypt (excluding noncontrolling interest) 137 133 270 North Sea 6 16 22 Suriname 6 25 31 Upstream Capital Investment Total 568 839…
Egypt Production Detail 1Q 2024 2Q 2024 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 137,972 457,248 214,180 139,490 431,750 211,448 Reported Production 86,768 290,227 135,140 87,702 273,077 133,215…
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 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 oil…
Alaska Endicott Liberty Prudhoe Bay Exploration Joint Venture (North Slope, Alaska) Badami Point Thompson Established Joint Venture between APA (50%), Lagniappe Alaska, LLC (25%) and Santos Ltd (25%) King Street 1 Sockeye 1…
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…
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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