Fourth-Quarter 2025 Financial and Operational Supplement February 25, 2026
Permian and Egypt Durability with Visible Growth Building a Sustainable Base, Anchored by Permian and Egypt Permian anchors portfolio with 75% of adjusted production, estimated 10+ years of economic inventory Egypt oil (2021) & gas…
2025 Highlights Met or exceeded production guidance each quarter on lower- than planned capital Execution Captured 300MM+ in cost savings, exiting the year at 350MM run rate United 30% reduction in D&C cost per lateral ft. Y/Y…
4Q25 Highlights Highlights 4Q25 Global Portfolio Corporate 459,767 BOE/D Reported Production Accelerated controllable spend reduction 53% / 17% / 30% Returned 154 million to shareholders via dividends & buybacks Oil / NGL / Gas…
Committed to Strong Balance Sheet & Shareholder Returns Strong Balance Sheet Shareholder Returns Net Debt(1) Net Debt/Adjusted EBITDAX(1) Dividends 5.4Bn 44% 4.0Bn 0.9x 0.7x Share 640MM Repurchases Returned to Shareholders…
Path to Cost Leadership Expect 450MM of Run Rate Savings by Year-End 2026 Controllable Spend Profile (Bn)(1) 4.5 0.5 0.5 0.4 0.4 Excludes interest savings of 4.2 Captured 4.0 300MM+in 80MM in 2025 and 2025 0.3 0.3 incremental…
Execution Driven Reserves Growth 2025 APA Reserves (MMboe) 66 172 1,056 37 (170) (19) 969 Reserves Growth Organic reserve replacement ratio of 162% Reserve outcome reinforces durability of Permian and Egypt assets…
Permian APA CORPORATION 9
Permian Asset Anchors Long Term FCF Generation Greater Than 95% of Acreage Held by Production Portfolio Management Delaware Basin Midland Basin High-graded acreage position through 166,000 Net Acres 288,000 Net Acres Callon…
Cost Reductions Drive Permian Inventory Duration Competitive Development Costs Drilling & Completion Cost Per Lateral Foot(1) Delaware Basin Midland Basin 30% reduction in per-foot D&C costs vs. 2024 Driven by structural efficiency…
10+ Years of Economic Permian Inventory Reflects Current Cost Structure Economic Inventory Breakeven Distribution (Gross)1 100 1,700 locations achieve Gross Locations by Basin More than 1,000 10% return at 75 locations achieve 10%…
Maintaining Permian Production on Lower Capex 2026 Development Capital down 20% Y/Y Flat US Oil Production on Lower Capex(1) 2026E Permian Capital Profile (MM) Includes 3 Mbo/d Uptime & LOE 140 weather Reduction Projects 123…
Other Assets Overview APA CORPORATION 15
High Quality Egypt Resource Base Continues to Grow Gas focused activity increasing to 40%-50% of the 2026 program Withdrew from non-core concession, outside of Merged Concession Area 1Q26 gross volume impact of 4 MMcf/d (2 Mboe/d),…
Large Egypt Acreage Position Supported by Infrastructure APA holds the largest onshore oil APA Egypt Acreage: 7.5 Million Acres and gas leasehold position in Egypt Strong partnership of over three decades with the Egyptian…
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 Project Stats 750 MMBO 220 MBO/D Estimated Recoverable Oil Production FY26E development capital of 230MM Resource Capacity Project costs remain in-line with estimates…
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 2026 Permian Firm Transport Contracts Cheniere Global LNG Contract 750,000 MMbtu/d of contracted firm…
Guidance APA CORPORATION 22
2026 Plan Overview Focused on Cost Management and Capital Efficiency in 2026+ Plan Highlights Planned Activity & Cash Flow Sensitivity 2.1Bn Total Upstream Capital, down 10% Y/Y Permian 5 rigs, down from 6.5 rigs in 2025 Permian…
Guidance Average Daily Production (000) 1Q 2026 FY 2026 (1) Includes FY North Sea production of 19 Mbo/d & 24 Mboe/d Total Company Reported (Oil / BOE) 225 / 440 217 / 436 (1) Total Company Adjusted (Oil / BOE) 185 / 371 180 / 371…
Appendix APA CORPORATION 25
Upstream Capital Investment ( in millions) 1Q 2025 2Q 2025 3Q 2025 4Q 2025 United States Lower 48 439 486 350 230 Egypt (excluding noncontrolling interest) 112 115 131 136 North Sea 2 -- 5 6 DC&F Capital (Permian, Egypt, North…
Egypt Production Detail 3Q 2025 4Q 2025 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 124,944 508,346 209,668 125,262 500,593 208,694 Reported Production 89,493 374,236 151,866 88,952 365,216 149,821…
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 January December…
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 30
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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