Apache : May / June 2020 Marketing

May / June 2020 Marketing

Exploring What's Possible

Notice to Investors

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 "anticipates," "intends," "plans," "seeks," "believes," "continues," "could," "estimates," "expects," "guidance," "may," "might," "outlook," "possible," "potential," "projects," "should," "would," "will," and similar phrases, but the absence of these words does not mean that a statement is not forward-looking. 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, 2019 available from Apache at www.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 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 first quarter 2020 earnings release 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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COVID-19|APACHE RESPONSE

GLOBAL - Prioritizing Health & Safety Of Employees And Communities In Which We Operate

• Acted quickly toclose officesthroughout organization
• Implemented operational protocols in the field and work-from-home procedures with minimal business disruption

1. Temperature screenings throughout operations & upon office re- entry

1. Increased cleaning measures in the field, offshore and office locations

1. Expanded assessments of all contractor companies & vendors coming onsite to all locations

1. Enhanced measures in Suriname, including14-day self- quarantine

• Procured apandemic / infectious disease response helicopter in the North Sea and Suriname to ensure safe medical evacuations, if needed
• Donated PPE & critical medical equipmentto hospitals & first responders as well as donations to food banks, education initiatives and women's & children's shelters
• Developed athorough & phased Office Re-Entry Plan

1. Following all federal, state & local mandates across operations

1. Communicating with peer companies on best practices

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ESG - Investing in Our People, Community and Environment

Recent ESG Initiatives

• Linked 2020 ESG performance directly toshort-term incentive compensation
• Initiated alignment of disclosures with Sustainability Accounting Standards Board (SASB) and Task Force on Climate- related Financial Disclosures (TCFD) reporting recommendations

Ongoing Initiative Highlights

Emissions Reductions

• Working to minimize venting and flaring with automated well closure systems
• Maintaining a rigorous program for preventing, identifying and eliminating methane leaks
• These efforts and others helped drive a 40% reduction in methane leak/loss and a 4% reduction in global GHG intensity since 2014

Sustainable Water Usage

• Our commitment to reducing fresh water use through extensive recycling and treatment programs was supported by:
• • Expanding capacity to treat & store produced water to nearly 16 million barrels in the Permian Basin
  • Using 68% nonfresh/recycled produced water for U.S. hydraulic fracturing operations in 2018

Social Initiatives

• Supporting rural Egyptian schools for girls, building over 200 schools and providing an education for over 10,000 children to date
• Since 2005, donated over 4.7 million trees as a part of the Apache Tree Grant program
• COVID-19donations focused on PPE & critical medical equipment to hospitals & first responders as well as supporting vulnerable populations with donations to food banks, education initiatives and women's & children's shelters

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Positioning To Withstand Volatility

Disciplined

Financial

Approach

• Managing towards Cash Flow Neutrality(1)
• Preserving liquidity and protecting balance sheet
• Prioritizing returns andlonger-cycle investments over production growth

Leveraging

Diversified

Portfolio

• International assets generating more resilient cash flows in a falling price environment
• Balanced commodity profile and geographic pricing points diversify risk
• Recent discoveries underscore large- scale,long-term potential in Suriname

Strong Liquidity

Profile

• Manageable bond maturities over next 5 years (less than $1 billion)
• $4 BN committed credit facility extending through March 2024(2,3)
• Ample coverage across a wide range of scenarios

1. See appendix for Glossary of Referenced Terms.
2. As of 3/31/2020, $250 million drawn on credit facility. Approximately $800 million of letters of credit posted in April.

(3) Apache option for 1-year extension.

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Decisive Actions Taken

Managing To Cash Flow Neutrality & Preserving Liquidity

Reduced 2020 upstream capital investment to approximately $1.1 BN(1,2)(↓ ~55% from 2019)

Decreased annual dividend payout by $340 MM (↓ 90%)

Implemented deeper cost cutting measures, doubling original estimate to >$300 MM(3)

Entered into protective near-term hedges

Initiated methodical curtailment / shut-in program

(1)	Approximately 60% directed to international assets.
(2)	2Q 2020 upstream capital investment guidance: $230 MM.
(3)	Approximately $225 MM of cost savings expected in 2020 (Net of severance and re-organization costs).	6

Apache's Diversified Portfolio

Managing Through Near-Term Volatility

United States

• Eliminating all drilling & completion activity (final rig release inmid-May)
• Managing LOE, with safety remaining a top priority
• • Reducing contract labor / field staff
  • Reducing chemical and water usage
  • 80% reduction in workover rigs
  • Renegotiating pricing with vendors
• Optimizing cash flow through shut- in/curtailment program
• Pursuing trades to block up acreage position in core areas

North Sea

• Reduced to essential personnel and strengthened continuity plans to mitigateCOVID-19 effects
• Realizing cost savings in all categories
• • Reducing logistics costs & contract labor
  • Renegotiating pricing with vendors
• Focused on low F&D cost,near-field opportunities in Beryl area
• Forties 4D seismic survey on track for acquisition this summer
• Tertiary exploration program resumes in 4Q with a 2nd carried well

Egypt

• Field operations unaffected thus far byCOVID-19 with essential personnel extending rotation patterns and non- essential personnel working remotely
• Drilling operationshigh-graded, targeting 5-6 rigs in 2H 2020
• Strong exploration program with several high impact opportunities throughout 2020
• Gas realizations remain attractive at nearly $3/Mcf and protected under PSC

Expand Economic Inventory &

Maintain Optionality

Flex Activity to Preserve Free Cash Flow Generation

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Success in Block 58 Offshore Suriname

• Announced significant oil discovery at SapakaraWest-1 on April 2nd
• • Campanian / Santonian - at least 79 meters (259 feet) of net oil/gas condensate pay
  • Encountered a distinct fan system separate from MakaCentral-1 discovery
• Commenced operations atKwaskwasi-1 in second half of April; to be followed by Keskesi East-1
• • Both exploration wells to testoil-prone upper Cretaceous targets in the Campanian and Santonian intervals independent of Maka and Sapakara discoveries
• Maka appraisal plan to be finalized and submitted in 2Q
• • Appraisal planning for Sapakara underway

Maka

Discovery

Jan. 2020

Kwaskwasi

Exploration well currently drilling

Sapakara

Discovery

April 2020

Keskesi

Exploration well to be drilled

~1.44MM acres

50+ prospects mapped

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Guyana Basin Stratigraphic Column

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Permian Basin

• Over 2.9MM gross acres (1.8MM net acres) atyear-end 2019
• Eliminating all drilling & completion activity
• Managing LOE, with safety remaining a top priority
• Optimizing cash flow throughshut-in/curtailment program
• Pursuing trades to block up acreage position in core areas

PERMIAN TOTAL PRODUCTION MBOE/D

Key Focus Areas

Central Basin

Platform

Southern

Midland Basin

Central

Delaware

320	254	273
280
240	211

200	159	169	161	158
160
120
80
40
0
	2014	2015	2016	2017	2018	2019	1Q20

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	Steady Permian Oil Activity Since Mid - 2017
		Permian Oil Production & Rig Count	100
140
		Released All Permian Rigs in	90
			Mid-May 2020

120																					80
100																					70
																		103
98		98													99	98			97	60
95	93	94	93								90	90	92	95
80
										85	85
					80													50
42						78	75		78
						72
60																				40
40																					30
	15			11																	20
20	10	10					11	11	10	9	8	10	9	9
				7			7	7	10
		6					7	5
						3
					1
0																					0
4Q'14	1Q'15	2Q'15	3Q'15	4Q'15	1Q'16	3Q'16	4Q'16	1Q'17	2Q'17	3Q'17	4Q'17	1Q'18	2Q'18	3Q'18	4Q'18	1Q'19	2Q'19	3Q'19	4Q'19	1Q'20

Production (Mbo/d)		Avg. Rigs(1)

(1) Avg. Rigs exclude Alpine High rigs.

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North Sea: High Margins, High Returns, Free Cash Flow

• Focused on sustaining cash flow generation capacity
• Realizing cost savings in all categories
• Attractive exploration opportunities in Beryl area:
• • Focused on low F&D cost,near-field opportunities
  • High-impacttertiary exploration portfolio resumes in 4Q with 2ndcarried well
• Mitigating declines in Forties through water injection

Apache North Sea Acreage

NET PRODUCTION MBOE/D

80	71	71	68			66			63	69
		58	56	60
					54
60
40
20
0
	2014	2015	2016	2017	2018	1Q19	2Q19	3Q19	4Q19	1Q20

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Egypt: Laying Foundation for Oil-Focused Initiatives

• Country's largest oil producer and acreage holder
• Relatively insulated at lower oil prices due to PSC mechanics
• Years of inventory through new concessions and seismic shoot
• Strong inventory ofhigh-impact wells to be drilled in 2020
• Drilling operationshigh-graded, targeting 5-6 rigs in 2H 2020

Apache Egypt Acreage: ~5.1 million acres

GROSS PRODUCTION MBOE/D (Liquids %)

400		348	352	349	334	336	332	322	301	300	295
300

200

10057% 59% 60% 59% 61% 61% 62% 62% 62% 63%

0 2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20

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1Q 2020 Operating Cash Margins

International Assets Benefit From Premium Pricing & Product Mix

$50 $45 $40 $35 $30 $25 $20 $15 $10 $5 $0

	Egypt		North Sea		United States
			$47 / Boe

$38 / Boe
		$32
		Per Boe
$26
Per Boe	$15 / Boe	$21 / Boe	$12
$12 / Boe
		Per Boe
		$9 / Boe

Operating Cash Margin(1)

Avg Realization

Cash Operating Cost

(1) Operating cash margins calculated as price realizations less lease operating expenses, gathering, processing, & transmission costs, and taxes other than income.

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Appendix

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Bond Maturity Profile

Manageable Near-Term Maturities

$MM$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

Debt Summary

Amount Outstanding ($MM)(1)	$8,217
Weighted Average Maturity (Years)	17
Weighted Average Coupon (%)	4.877%

2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042	2043	2044	2045	2046	2047	2048	2049	2050
																														>

1. Amount outstanding is as of 3/31/2020, excludes Altus, finance lease obligations, and is before unamortized discount and debt issuance costs.

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Ample Liquidity Runway

Apache Credit Facility

$ millions

$5,000

$4,000

$3,000

$2,000

$1,000

$-

800

		937
4,000
			2,263
Committed	April	2021 - 2023	Availability
Facility(1)	LC Postings(2)	Bond Maturities(1)

• ~$3.2 BN of availability when giving effect to April LC postings
• Plan to repay or refinance2021-2023 maturities
• If needed, credit facility could easily accommodate2021-2023 bond maturities as due
• 1. As of 3/31/2020. Apache (ex Altus) cash position of $409 MM and facility borrowings of $250 MM.
  2. North Sea LC's subject to GBP/USD exchange rate fluctuation and other potential adjustments.

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Credit Facility Profile

Substantial Revolver Capacity and Long Runway

$4 Billion Revolving Credit Facility

Facility Type	Senior Unsecured
Maturity	March 2024
Borrowing Capacity	Up to $4 billion
Letter of Credit Sublimit	Up to $3 billion
($2BN committed)
Financial Covenant(1)	Adj Debt/Cap < 60%
Accordion Option	$1 billion
Extension Options	1-year option
Remaining	(Apache's option)

• Apache's $4 BN committed credit facility for general corporate purposes, matures March 2024
• • Unsecured facility held by 18 banks, 17 of which are 'A' rated or higher
  • No ratings triggers(2)or collateral requirements
  • Not subject to borrowing base redetermination
• Altus (ALTM) has an $800 MM committed credit facility for general corporate purposes, matures November 2023
• • Non-recourseto and not guaranteed by Apache

(1)	Adjusted debt-to-capital ratio is calculated per the terms of the credit facility and excludes effects of non-cash
	write-downs, impairments, and related charges occurring after June 30, 2015. At 3/31/20, this ratio was 32%.
(2)	No drawdown restrictions or prepayment obligations in the event of a decline in credit ratings.	18

Commodity Hedging Program

• Substantial 2020 hedges centered around 2Q/3Q to mitigatenear-term risk of full crude oil storage
• Significant Midland/Cushing basis hedges for remainder of 2020
• • Protects against weak basis if storage fills in Cushing and U.S. Gulf Coast, widening regional pricing

Open Commodity Derivative Positions

as of May 6, 2020

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Historical Egypt Production

Mboe/d																					$/Bbl
400																						100
350			362																			90
	349	352	353	350	350
		345
344	344			334	339	334		342	338	335	332					80
						328	330	322
300
																	301	300		70
																			295
250																						60
200																						50
150																						40
					175	180
	154	169	153		156	160	171	162	158	160										30
148				154	154	153		145
						136
100				103													131	131	126	117
			103													20
83	92	95	97	102	101	98	90	88	89	87	82	80	80			79
					78	74	72	72	69	72
50																	10
0																						0
4Q'14	1Q'15	2Q'15	3Q'15	4Q'15	1Q'16	2Q'16	3Q'16	4Q'16	1Q'17	2Q'17	3Q'17	4Q'17	1Q'18	2Q'18	3Q'18	4Q'18	1Q'19	2Q'19	3Q'19	4Q'19	1Q'20

Adjusted Production(1)		Reported Production		Gross Production		Brent Price

(1) Adjusted production excludes production attributable to tax barrels and noncontrolling interest.

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Egypt: Production Detail

			4Q 2019				1Q 2020
		Liquids	Gas			Liquids	Gas
		(Bbls/d)	(Mcf/d)	Boe/d		(Bbls/d)	(Mcf/d)		Boe/d
Gross Production		187,166	677,819	300,136		185,408	655,410		294,643
Reported Production		79,907	275,811	125,875		74,095	254,579		116,525
% Gross		43%	41%	42%		40%	39%		40%
Less: Tax Barrels		16,015	36,948	22,173		6,442	12,275		8,488
Net Production Excluding Tax Barrels		63,892	238,863	103,702		67,654	242,304		108,038
% Gross		34%	35%	35%		36%	37%		37%
Less: Noncontrolling Interest		21,298	79,621	34,567		22,551	80,768		36,013
Adjusted Production		42,594	159,242	69,134		45,102	161,536		72,025
% Gross		23%	23%	23%		24%	25%		24%
			2018			2019			2020
MBOE/D	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q
Gross Production	330	342	338	335	332	322	301	300	295
Reported Production	154	154	153	136	145	131	131	126	117
Adjusted Production	80	80	78	74	79	72	72	69	72
Brent Oil Benchmark Pricing	$67	$75	$76	$69	$64	$68	$62	$62	$50

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Upstream Capital Investment

	($ in Millions)		1Q20
	Permian…….…………………………………..		$	239
	MidCon / Gulf Coast….…………………..			5
	Gulf of Mexico……………………………….			17
	United States…..…….……………			261
	Egypt (Apache's interest only)……….			99
	North Sea………………………………………			51
	Other …………………………………………....			31
Upstream Capital Investment Total……………		$	442

For a reconciliation of Cost Incurred to Upstream Capital Investment please refer to the Non-GAAP Reconciliations.

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Glossary of Referenced Terms

• Upstream Capital Investment: Includes exploration, development, gathering, processing, and transmission capital, capitalized overhead, and settled asset retirement obligations, and excludes capitalized interest, non-cash asset retirement additions and revisions, and Egypt noncontrolling interest, in each case associated with Apache's upstream business.
• Free Cash Flow: Excess cash flow from operations before working capital changes after upstream capital investment, distributions to noncontrolling interest and dividend payments. The impacts of ALTM are excluded from this definition, as development of the ALTM midstream assets is separately funded by ALTM.
• Cash Flow Neutrality: Free Cash Flow equal to zero.

In addition to the terms above, a list of commonly used definitions and abbreviations can be found in Apache's Form 10-K for the year ended December 31, 2019.

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($ in millions)

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 Apache's expenditures related to our upstream capital activity. We define capital investments as costs incurred for oil and gas activities, adjusted to exclude asset retirement obligation revisions and liabilities incurred, capitalized interest, and certain exploration expenses, while including amounts paid during the period for abandonment and decommissioning expenditures. Upstream capital expenditures attributable to a one- third noncontrolling interest in Egypt are also excluded. Management believes this provides a more accurate reflection of Apache's cash expenditures related to upstream capital activity and is consistent with how we plan our capital budget.

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