APA : First-Quarter 2026 Financial and Operational Supplement

First-Quarter 2026

Financial and Operational Supplement

May 6, 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 (2024) terms renegotiated, improving economics and increasing duration

• Egypt gas at parity with mid-cycle Brent price economics; significant potential for long-term success

Differentiated Exploration Upside as Demonstrated by Suriname Success

• Progressing towards first production in Suriname; significant FCF growth upside starting in 2028

• Balanced exploration portfolio across basin maturity and risk profile, from step-out focus in the

  Permian & Egypt to play-opening opportunities in Uruguay & Alaska

• Pursuing scalable and impactful opportunities with attractive cost of supply

Defined Capital Allocation Strategy with Improving Balance Sheet

• Return at least 60% of free cash flow to investors through base dividend and share repurchases

• Continue to strengthen balance sheet and credit metrics

• Long-term net debt target of $3.0 billion

• Strong liquidity and advantageous long-dated debt maturity profile

APA CO RPO RAT IO N 3

4 Pillars of APA Strategy

APA Strategy

REMAIN COMMITTED TO OIL AND GAS

Progress

Investing in What We Do Best

• The world has an ongoing and growing need for reliable, affordable oil and gas

• We are committed to safe, efficient, and responsible operations

DELIVER TOP OPERATIONAL PERFORMANCE

Striving for Cost Leadership

• Permian: 30% reduction in D&C costs/ft vs. 2024

• Egypt: 11% reduction in drilling costs vs. 2024

• Global: Continued progress

  on LOE reductions

  MAINTAIN FINANCIAL DISCIPLINE

  
  
  

  Strong Balance Sheet and Capital Return

  • Targeting $450MM in run-rate controllable spend savings by YE26

  • $2.2Bn reduction in total debt since YE24

  • Returned $4.5Bn (71% of FCF) to shareholders since 4Q21

    BUILD AND GROW A HIGH-QUALITY PORTFOLIO

    
    
    

    Positioned for Long-Term Value

  • Permian: 10+ years of competitive inventory

  • Egypt: PSC modernization ('21)

    and gas pricing improvements ('24)

  • Suriname: On track for first oil in mid-2028

  • Exploration: Long-term value and growth optionality

  • Gas Trading: Differentiated strong free cash flow generator

    APA CO RPO RAT IO N 4

    Recent Highlights

    Highlights

    Corporate

    • Repaid $634 million in near-term bond maturities in the first four months of 2026

    • Returned $88 million to shareholders via dividends in 1Q26

    • Progressing towards $450 million of cumulative run-rate savings by YE26

      United States

    • Delivered 1Q oil production 3 Mbbl/d above guidance, offsetting weather-related downtime

    • Raising FY26 US oil production guidance to 122 Mbbl/d, the high end of the prior range, while maintaining capital guidance

    • Progressing projects targeted at increasing uptime and reducing LOE

      Egypt

    • Continued success of gas exploration program including on direct award acreage

    • Realized $86/bbl reflecting strong physical dated Brent pricing

1Q26 Global Portfolio

442,352 BOE/D

Reported Production

52% / 17% / 31%

Oil / NGL / Gas

$244 Million(1)

Net Gas Trading Gain

$477 Million(2)

Free Cash Flow

United States

264,720 BOE/D

Reported Production

47% / 27% / 26%

Oil / NGL / Gas

International

177,632 BOE/D

Reported Production

1. Includes third-party net gain on oil and gas purchases and sales and $66MM realized loss on commodity derivatives

2. For a reconciliation to the most directly comparable GAAP financial measure, please refer to the Non-GAAP reconciliations; Please refer to the glossary of referenced terms for the definition of free cash flow

61% / <1% / 39%

Oil / NGL / Gas

APA CO RPO RAT IO N 5

Path to Cost Leadership

Cost Savings Areas of Focus in 2026

Delivering Structural Run-Rate Cost Savings ($MM) Focus Areas

Capital

• Continued operational efficiency

  improvements

• Wellbore design refinement

• Facilities optimization and rationalization

$450

$350

LOE

• Permian cost reduction projects

• Power projects leading to reduced diesel consumption in Egypt

2025 Exit

Run Rate Savings

Capital LOE G&A 2026E Exit

G&A

- Aggressive focus on simplification and streamlining business processes

Run Rate Savings

APA CO RPO RAT IO N 6

Significantly Reduced Development Costs

Cost Per Lateral Foot

Efficiency Gains Drive Material Permian Cost Reductions

Equipping & Facilities(1)

Drilling & Completion

- Reduced per-foot D&C costs by 30%+ and E&F costs by 50% vs. 2024

$600 - $650

Down 30%+

since 2024

$930

$100

Down 50%

since 2024

$200

• Driven by structural efficiency gains and improved execution

• Expect further improvement

  Structural cost reductions enhance returns and capital efficiency

• Competitive cost structure, among the leading operators in the basin

2024 2026E

2024 2026E

(1) Equipping & Facilities costs include artificial lift, flowback, flowlines & well tie-ins, pad level equipment, central facilities and gathering systems

APA CO RPO RAT IO N 7

Committed to Strong Balance Sheet and Shareholder Returns

Debt Maturity Profile(1) ($MM)

Recent Balance Sheet Activity

Repaid $634MM of

near-term maturities YTD

$475

$315

$211

$232

$108

- No debt maturities until

December 2029

- Average maturity of ~15 years and 5.66% coupon

• Repaid $2.2Bn of total debt since YE 2024, including

  $634MM of near-term maturities YTD(1)

• Reduced interest expense by $140MM+ since 2024

• Maintained strong liquidity position with >$4Bn in unused revolver capacity and cash at 4/30/2026

~$3.2Bn

2026 2027 2028 2029 2030 ≥ 2035

Gross Interest Expense Down 35% Since 2024 ($MM) Returned 71% of FCF to Shareholders Since 4Q21

$402

~$260

$323

30%

$4.5Bn returned to shareholders since 4Q21

70%

Share Repurchases

Dividends

2024 2025 2026E

(1) Debt figures as of April 30, 2026. Repaid $79MM in March 2026 and $555MM in April 2026. Excludes finance leases, unamortized discounts, and debt issuance costs

APA CO RPO RAT IO N 8

Capital Discipline & Cost Reductions Drive Strong FCF

APA After-Tax Free Cash Flow ($MM)(1)

$5 per Bbl WTI / Brent May-December free cash flow sensitivity of ~$200MM

~$2.2Bn

$965

$841

$1,024

2Q-4Q

1Q

$477

FCF

Gas Trading(3)

2023 2024 2025 2026E(2)

1. For a reconciliation to the most directly comparable GAAP financial measure, please refer to the Non-GAAP reconciliations; Please refer to the glossary of referenced terms for the definition of free cash flow

2. Assumes 4/28/2026 Strip Pricing

3. Includes estimated impact of commodity derivatives

APA CO RPO RAT IO N 9

Asset Overview

APA CO RPO RAT IO N 10

$100

Greater than 95% of Acreage Held by

Production

Midland Basin

288,000 Net Acres

Delaware Basin

162,000 Net Acres

Dual-Basin Presence Provides Capital Allocation Optionality

Permian Asset Anchors Long-Term FCF Generation

10+ Years of Economic Inventory(1)

WTI oil price for 10% IRR ($ / bbl)(1)

$80

$60

$40

$20

$-

- 500 1,000 1,500

Location Count

Exposure to Significant Technical Upside

~1,700

Economic Locations

~3,400

Economic + Technical Upside Locations

Midland Basin

Delaware Basin

(1) Breakeven defined as oil price required to achieve a 10% rate of return; Assumes $2.50 Waha gas price; Reflects inventory and cost structure as of YE25

APA CO RPO RAT IO N 11

High Quality Egypt Resource Base

• Gas-focused activity increasing to 40%-50% of the 2026 program

• Expect 12% gas growth from FY25 to FY26

• New pricing agreement allocates higher fixed price to incremental volumes above pre-determined PDP decline

Expected Gross Gas Production(1) (MMcf/d)

Egypt Average Realized Gas Price(2) ($/Mcf)

540

540-550

477

433

FY24 FY25 2Q26E FY26E

FY24 FY25 2Q26E FY26E

New price effective 1/1/25

$4.20

$4.25

$3.59

$2.94

1. Excludes production from withdrawal area amounting to 10 MMcf/d in FY24, 9 MMcf/d in FY25, and 8 MMcf/d in FY26

2. Applies to all Merged Concession volumes, including associated gas

   APA CO RPO RAT IO N 12

   
   
   

   Large Egypt Acreage Position Supported by Infrastructure

   
   
   

   APA Egypt Acreage: ~7 Million Acres(1)

• APA holds the largest onshore oil and gas leasehold position in Egypt

• Strong partnership of over three decades with the Egyptian government

  Leasehold

  Oil Pipelines

  Gas Pipelines

  Operated Gas Processing Facilities

  Third-Party Gas Processing Facilities

• Acreage position vastly underexplored for natural gas, creating long-term upside

• Gas production largely supported by

existing infrastructure

(1) Pending lease renewal applications

APA CO RPO RAT IO N 13

Exploration Portfolio Led by Suriname Block 58

Suriname Expected Free Cash Flow Profile(1)

Exploration Portfolio Highlights

Suriname

• 220,000 B/d oil project underway with partner TotalEnergies

• Significant additional exploration prospectivity

  Alaska

• Conducted flow test on Sockeye-2 discovery in 1H25, confirming attractive rock properties compared to regional offsets

• Preparing for 2026/2027 winter drilling season

  Egypt

• Initial gas development / appraisal drilling exceeding expectations

• Testing new play concepts with 2026 exploration drilling activity

  Permian

• Significant technical upside not characterized in economic inventory

  Uruguay

• Operated ownership position in two blocks: OFF-4 (50%), OFF-6 (100%)

$MM

$1,000

$500

$0

$60 Brent Scenario

$80 Brent Scenario

A L A S K A

P E RM I A N

S U RI N A M E

E G Y P T

U RU G U A Y

Global Exploration Portfolio

2028 2029 2030 2031 2032

(1) Net to APA. Reflects 20% participation by Staatsolie. Includes first oil payment and royalty payment per barrel contemplated in JV agreement. Please refer to the glossary of referenced terms for the definition of free cash flow

APA CO RPO RAT IO N 14

Suriname GranMorgu: Project Update

Project Delivery on Track

Project Stats
>750 MMBO	220 MBO/D
Estimated Recoverable	Oil Production
Resource	Capacity
Mid-2028	40% WI
Expected	Carry Agreement Reduces
First Oil	Capital Exposure

• FY26E development capital of $230MM

• Project costs remain in-line with estimates provided at FID

• Progressing FPSO topsides construction

  
  
  

• Rig contracts secured at attractive day rates

• Drilling expected to commence in 4Q26

• Near-field exploration prospects could extend plateau or anchor additional development

APA CO RPO RAT IO N 15

Suriname GranMorgu: World Class Opportunity

APA's Interest in GranMorgu Equates to

400 Midland Basin Locations at ~30% of the Cost

Top Tier Cash Field Margin(2)(3)(4)

($ / BOE)

	GranMorgu	Midland Basin
	(APA Net)	(Basin Average)(1)
EUR (Oil)	180 MMBO +	180 MMBO
Total Capital Invested	~$1.1 Billion	~$3.2 Billion
Well Locations	32	~400
First-Year Decline Rate	Flat	~60%

$60

Shale Pure-Play Peers

GranMorgu

$45

$30

$15

Highly attractive project economics enhanced by carry structure

$0

1. Source data: Enverus, TX RRC. Average of all hz wells turned in-line in the Midland Basin between 2022 - Feb-2026. Assumes $8MM gross well costs

2. Reflects per BOE: Realized price less LOE, GPT and production & ad valorem taxes

3. U.S. shale peer data reflects FY25 actuals. GranMorgu data reflects FY25 average Brent oil price and expected full-life average operating costs

4. Shale peers include CHRD, CIVI, DVN, FANG, OVV, PR

APA CO RPO RAT IO N 16

APA's Differential Gas Trading Portfolio

Expect Third-Party Purchases & Sales to Generate $1.1 Billion of Pre-Tax Cash Flow in 2026

Contract Summary

• ~750,000 MMBtu/d of contracted Permian firm capacity

  • Primary contracts expire in 2029/30 with extension options

  • Buy third-party gas at Waha, sell at Gulf Coast pricing, net of pipeline transport fee

• 140,000 MMBtu/d contracted LNG volume

  • Contract began in Aug-2023, ends Dec-2037

  • Buy third-party gas on Gulf Coast, sell to Cheniere at global

LNG pricing, net of certain costs

2Q-4Q FT

2Q-4Q LNG

Projected Annual LNG Cash Flow Sensitivity

1Q Realized Gain

$1.3Bn

$1.1Bn

$775

$600

$250

$310

$244

$250

2026E Differentiated Gas Trading Cash Flow ($MM)(1)

Estimated Hedge Loss

	$10	$15	$20
$2	$140 MM	$360 MM	$570 MM
$3	$90 MM	$310 MM	$520 MM
$4	$40 MM	$260 MM	$470 MM

Global LNG ($/Mcf)

Expected Cash Flow (No Hedges)

Expected Cash Flow (Net of Hedges)

HSC

($/Mcf)

		MMbtu/d	Index Spread
Firm Transport
FY 2026	Hedged	245,000	($1.96)(2)
FY 2026	Unhedged	503,000	Waha / HSC

Cheniere LNG Contract

FY 2026 Unhedged 140,000 HSC / JKM & TTF

1. Pre-Tax; Assumes 4/28/2026 Strip pricing

2. As of 3/31/26; weighted average pricing; Please refer to the appendix for details on outstanding commodity derivatives

APA CO RPO RAT IO N 17

Guidance

APA CO RPO RAT IO N 18

Guidance

Average Daily Production ('000)	2Q 2026	FY 2026
Total Company Reported (Oil / BOE)(1)	212 / 405	219 / 431
Total Company Adjusted (Oil / BOE)(1)	173 / 336	179 / 360
U.S. (Oil / BOE)	121 / 253	122 / 270
Egypt Reported (BOE)(1)	130 (56% oil)	137 (56% oil)
Egypt Adjusted (BOE)(1)	61 (56% oil)	66 (56% oil)

Includes FY North Sea production of 20 Mbo/d & 24 Mboe/d

Contemplates ~35 mboe/d in expected curtailments for 2Q 2026, but assumes no curtailments in 2H 2026

Equates to reported production less tax & NCI barrels; reflects withdrawal from non-core concession

Capital Investment ($ in millions)	2Q 2026	FY 2026
DC&F Capital (Permian, Egypt, North Sea)	$510	$1,800
Suriname Development Capital	$60	$230
Exploration Capital	$5	$70
Upstream Capital Investment(2)	$575	$2,100

Corporate Items ($ in millions)	2Q 2026	FY 2026
Lease Operating Expense	$375	$1,525
Gathering, Processing & Transmission Expense	$85	$375
General & Administrative Expense	$90	$365
DD&A Expense	$550	$2,300
Oil and Gas Purchases and Sales, Net(1)(3)	$400	$1,100
Cash ARO & Decommissioning Spend	$75	$300
U.S. & U.K. Current Income Tax Expense(1)	$60	$230

FY includes ~$120MM of stock-linked comp

FY excludes ~$50MM tax benefit related to ARO spend in the North Sea FY: ~$10MM in the US; $220MM in the UK

1. Guidance based on FY26 commodity strip pricing as of 04/28/2026

2. Refer to glossary of referenced terms for definition of Upstream Capital Investment

3. Reflects third-party gain on oil and gas purchases and sales and impact of commodity derivatives

APA CO RPO RAT IO N 19

Appendix

APA CO RPO RAT IO N 20