Apache : April Marketing

Building for the Future

APRIL 2019 MARKETING

FORWARD-LOOKING STATEMENTS

Certain statements in this presentation contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including, without limitation, expectations, beliefs, plans, and objectives regarding anticipated financial and operating results, asset divestitures, estimated reserves, drilling locations, capital expenditures, price estimates, typical well results and well profiles, type curve, and production and operating expense guidance included in this presentation. Any matters that are not historical facts are forward looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties, and other factors discussed in our most recently filed Annual Report on Form 10-K, recently filed Quarterly Reports on Form 10-Q, recently filed Current Reports on Form 8-K available on our website, www.apachecorp.com, and in our other public filings and press releases. These forward-looking statements are based on Apache Corporation's (Apache) current expectations, estimates, and projections about the company, its industry, its management's beliefs, and certain assumptions made by management. No assurance can be given that such expectations, estimates, or projections will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this presentation, including, Apache's ability to meet its production targets, successfully manage its capital expenditures and to complete, test, and produce the wells and prospects identified in this presentation, to successfully plan, secure necessary government approvals, finance, build, and operate the necessary infrastructure, and to achieve its production and budget expectations on its projects.

Whenever possible, these "forward-looking statements" are identified by words such as "expects," "believes," "anticipates," "projects," "guidance," "outlook," "will," and similar phrases. Because such statements involve risks and uncertainties, Apache's actual results and performance may differ materially from the results expressed or implied by such forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Unless legally required, we assume no duty to update these statements as of any future date. However, you should review carefully reports and documents that Apache files periodically with the Securities and Exchange Commission.

Cautionary Note to Investors: The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable, and possible reserves that meet the SEC's definitions for such terms. Apache may use certain terms in this presentation, such as "resource," "resource potential," "net resource potential," "potential resource," "resource base," "identified resources," "potential net recoverable," "potential reserves," "unbooked resources," "economic resources," "net resources," "undeveloped resource," "net risked resources," "inventory," "upside," and other similar terms that the SEC guidelines strictly prohibit Apache from including in filings with the SEC. Such terms do not take into account the certainty of resource recovery, which is contingent on exploration success, technical improvements in drilling access, commerciality, and other factors, and are therefore not indicative of expected future resource recovery and should not be relied upon. Investors are urged to consider carefully the disclosure in Apache's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 available from Apache at www.apachecorp.com or by writing Apache at: 2000 Post Oak Blvd., Suite 100, Houston, Texas 77056 (Attn: Corporate Secretary). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.

Certain information may be provided in this presentation that includes financial measurements that are not required by, or presented in accordance with, generally accepted accounting principles (GAAP). These non- GAAP measures should not be considered as alternatives to GAAP measures, such as net income, total debt or net cash provided by operating activities, and may be calculated differently from, and therefore may not be comparable to, similarly titled measures used at other companies. For a reconciliation to the most directly comparable GAAP financial measures, please refer to Apache's fourth quarter and year-end 2018 earnings release and fourth quarter and year-end 2018 Financial & Operational Supplement at www.apachecorp.com.

None of the information contained in this document has been audited by any independent auditor. This presentation is prepared as a convenience for securities analysts and investors and may be useful as a reference tool. Apache may elect to modify the format or discontinue publication at any time, without notice to securities analysts or investors.

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APACHE TRANSFORMATION

Focusing the Portfolio, Growing the Permian, Improving Returns

Current Portfolio

	2014	4Q 2018
Total Production (Reported)(1)	647 Mboe/d	482 Mboe/d
Permian Production	159 Mboe/d	236 Mboe/d
US / Int'l Production Mix (Reported) (1)	45% / 55%	59% / 41%
Oil Production Mix (Reported) (1)	50%	52%
Capital Investment (FY)(2)	$10.7 billion	$3.75 billion
Rig Count	119 rigs	31 rigs
Net Debt (Period End)	$10.5 billion	$7.5 billion
Annualized Dividend (Period End)	$1.00/Shr	$1.00/Shr

(1)2014 production includes Australia and Canada production.

(2)2018 capital investment includes $3.1 billion for upstream capital investment and $627 million of Altus capital investment.

1Q 2015	April 2015	June 2015	September 2016	June 2017	November 2018
CEO / CFO	Canada &	Australia Exit	Announced	Canada Exit	Closed Altus
	Australia LNG		Alpine High		Midstream
Announcement
	Exit		Discovery		Transaction

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FRAMEWORK FOR LONG-TERM VALUE CREATION

BALANCED PORTFOLIO APPROACH

Capital Allocation Focused on Maintaining Free Cash Flow Generators and Developing Long-Term Growth Optionality

SUSTAINABLE PRODUCTION GROWTH

Growing Permian Oil and Developing Alpine High Rich Gas

FREE CASH FLOW GENERATION

Focusing on Capital Discipline for Growth Within Cash Flow

OPERATIONAL FLEXIBILITY

Actively Manage Capital Program to Reflect Commodity Price Environment

RETURN OF CAPITAL

Plan to Return 50%+ of Any Free Cash Flow (Share & Debt Repurchases, Dividends)

Long-Term,Returns-Focused Development and Shareholder Value

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2018 HIGHLIGHTS

Strong Financial Performance & Execution

RETURN TO INVESTORS

✓Exceeded 2018 CROIC(1)target of 18%

✓Repurchased $305 million of common stock; first buybacks since 2014

✓Decreased total debt balance by $281 million

SUSTAINABLE

PRODUCTION GROWTH

✓Delivered 13% adjusted production growth

✓Improved Permian well productivity & reduced completions costs

✓Achieved first oil at Garten (North Sea) less than 8 months after discovery

BALANCED PORTFOLIO

✓Formed Altus Midstream Company (ALTM) to fund Alpine High midstream investment

✓High grading & increasing Permian inventory

✓Expanding opportunity set in Egypt with acreage awards and advanced3-D seismic

✓Mapped numerous large drill ready prospects on Block 58 in Suriname

~25% Returned		18% Growth
of 2018 Cash Flow from Ops		YoY Permian

U.S. Int'l

36% / 64%

Cash Flow from Ops

(1) Please see appendix for a glossary of terms that defines Apache's calculation for Cash Return on Invested Capital (CROIC)

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