Apache : CREDIT SUISSE ENERGY SUMMIT Presentation

CREDIT SUISSE ENERGY SUMMIT

JOHN CHRISTMANN, CEO & PRESIDENT

FEBRUARY 11, 2019

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 ApacheCorporation's(Apache) current expectations, estimates, and projections about the company, its industry, itsmanagement'sbeliefs, 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 thispresentation, including,Apache'sability 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-lookingstatements"are identified by words such as"expects," "believes," "anticipates," "projects," "guidance," "outlook," "will,"and similar phrases. Because such statements involve risks and uncertainties,Apache'sactual 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," "netresourcepotential," "potential resource," "resource base," "identified resources," "potentialnetrecoverable," "potential reserves," "unbookedresources," "economic resources," "net resources," "undeveloped resource," "netriskedresources," "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 inApache'sAnnual Report on Form 10-K for the fiscal year ended December 31, 2017 (andApache'sAnnual Report on Form 10-K for the fiscal year ended December 31, 2018 when filed) available from Apache atwww.apachecorp.comor 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 atwww.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 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 toApache'sthird quarter 2018 earnings release and third quarter 2018 Financial & Operational Supplement atwww.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.

TABLE OF CONTENTS

• Apache Overview

• 2019 Capital Budget & Production Update

• Portfolio Overview

  • Permian Basin

  • Alpine High

  • International

• Apache Investment Proposition

• Appendix

APACHE OVERVIEW

BALANCED, RETURNS-FOCUSED PORTFOLIO

• Top-tier Permian Basin position delivering strong returns & production growth

• Robust free-cash-flow generating assets in Egypt, North Sea & Permian Central Basin Platform

• High-impact exploration opportunities in Suriname & Lower 48 Unconventional

• Investing for long-term, sustainable double-digit ROCE

DISCIPLINED FINANCIAL APPROACH

• Strong balance sheet, stable dividend with attractive yield, no equity dilution

• Altus funds midstream capital, giving Apache capital flexibility

• Committed to return capital to shareholders through dividend, share repurchases and debt reduction

CASH FLOW DRIVERS

• Production growth in U.S. / sustained production internationally

• Alpine High cryo installation to drive liquids and margin uplift in 2019

• Material exposure to Brent crude oil pricing

• Strong momentum in North Sea with Garten start-up in 4Q '18

2019 CAPITAL BUDGET PRIORITIES

2018

Plan for cash flow neutralityAfter dividend and NCI payments

• Maintain flexibility to reduce further

• Commit to return 50%+ of free cash flow to shareholders

  Before increasing capital activity

2019

International Upstream

U.S. UpstreamMidstream

Note: 2019 capital excludes Altus Midstream capital. International includes Egypt (excluding noncontrolling interest), North Sea and Suriname.