APA : Investor Presentation

Egypt PSC Modernization

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.apacorp.com, and in our other public filings and press releases. These forward- looking statements are based on APA Corporation's (APA) 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 the company'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," "prospects," "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, the company'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 the company 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. We 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 us 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 Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 available at www.apacorp.comor by writing 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 APA's third

quarter 2021 earnings release at www.apacorp.comand "Non-GAAP Reconciliations" of this presentation.

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. We may elect to modify the format or discontinue publication at any time, without notice to securities analysts or investors.

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Delivering on Egypt's Vision for Modernization

Benefits of Modernized PSC Agreement and Long-Term Partnership

• Aligns APA's investment priorities with Egypt's oil growth objectives
• Promotes efficient development of highly economic resource base
• Increases long-term value for all stakeholders, including the people of Egypt
• Advances ESG initiatives focus & implementation of best practices
• Enhances governance & talent management programs
• Incentivizes more consistent investment levels through the commodity price cycle

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Modernization Executive Summary

• Effective date of April 1, 2021
• Returns Egypt program to APA's most economic investment opportunity

• 1. Increasing to 15 drilling rigs in 2022
• 90% of gross production in a single, simplified PSC
• Refreshed development & exploration terms
• 1. 20-yeardevelopment term for current development leases
  1. 5-yearexploration term
• Improved cost recovery & profit share for APA / Sinopec JV
• 1. Single cost pool provides improved access to cost recovery & reduces the probability of future stranded backlog
  1. Cost recovery fixed at 40%
  1. Profit share fixed at 30%
• Facilitates increased ESG investment & focus
• Signature bonus of $100 million to EGPC

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Near-Term Impacts of Modernization

2022 plan to double average drilling rig count & increase well completions by ~3x compared with 2021

Gross oil production forecasted to increase 13 - 15% in 2022

APA / Sinopec Free Cash Flow(1) of $850 - $900 MM anticipated in 2022 (assuming $72 Brent)

• CFFO(2) to increase ~$450 MM, upstream capital investment to increase ~$235 MM compared to 2021 under prior PSC terms
• A $10/bbl move in Brent pricing results in an estimated $170 million change in CFFO

25%+ uplift in proved reserves

Advancing a number of ESG initiatives focused on emissions reduction & water handling

(1)	APA / Sinopec Free Cash Flow defined as cash flow from operations before changes in operating assets and liabilities minus upstream capital investment (including Sinopec's minority interest).	5
(2)	CFFO represents cash flow from operations before changes in operating assets and liabilities (including Sinopec's minority interest).