APA : March 2022 Investor Update

Investor Update

March 2022

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 APA Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 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 fourth 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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APA Investment Case

• Robust Free Cash Flow generation capacity and strong visibility into years of sustained production within legacy portfolio

• 1. Expect to generate ~$6.5 billion of free cash flow in 2022-2024 based on a WTI average price of $78/barrel (3-year strip)(1)
• Returning a minimum of 60% of free cash flow to shareholders through share repurchases and ordinary dividends
• 1. Repurchased $847 million of stock at an average price of $27.13/shr in 4Q'21
• ~$1.3 billion of APA Debt(2) reduction in 2021; de-leveraging to continue in 2022
• Improved terms from Egypt PSC Modernization incentivizes increased activity & returns Egypt to long-term,oil-focused production growth
• Suriname appraisal and exploration program offers upside catalysts

1. Strip pricing as of 2/7/2022.
2. Includes Apache Notes and Debentures and borrowings on $4BN revolving credit facility.

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2021 Highlights

Financial

• Generated ~$1.8 billion of Free Cash Flow(1); highest in over a decade & one of the highest in 67-year history
• Initiated shareholder return framework: minimum of 60% of Free Cash Flow to shareholders beginning in 4Q'21 o Returned ~$870 million to APA shareholders through share buybacks & dividends in 4Q'21
  o Raised dividend twice in 2021
• Reduced APA Net Debt(1,2) by $1.2 billion; eliminated >20% of outstanding bonds

Portfolio

• Egypt PSC Modernization signed in late December

• 1. Incentivizes higher investment, returns to oil production growth; free cash flow accretive
• Successful flow test at Sapakara South supports progression toward development project in Block 58 Suriname
• Continued to streamline portfolio with $256 million of noncore asset sales in the Permian Basin
• Announced Altus Midstream / EagleClaw combination creating a vehicle to monetize APA stake & deconsolidate $1.4 billion of debt and redeemable preferred units

ESG

• Achieved 2021 ESG goals

1. Eliminated routine flaring onshore U.S. three months ahead of schedule

• 1. Significantly outperformed goals for U.S. onshore flaring intensity & freshwater consumption
• Delivered strong safety performance
• 1. Improved DART, TRIR, SIF(3) metrics by 43%, 45%, and 60%, respectively, over 2020

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. Excludes Altus Midstream (ALTM).

(3) Days Away, Restricted or Transferred (DART); Total Recordable Incident Rate (TRIR); Severe Injury and Fatality Rate (SIF).

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2022 Plan Overview

2022 Plan

• Upstream capital investment(1):

1. $1.4 billion development
2. • 45% U.S. / 35% Egypt / 20% North Sea

• 1. $200 million exploration & appraisal, mostly in Suriname
• Free Cash Flow(1) of >$2 billion at strip(2)
• 1. $5 WTI / Brent Oil Sensitivity of $220 million

1. $0.50 Henry Hub Gas Sensitivity of $80 million o Excludes proceeds from asset sales

Planned Drilling Activity

• Egypt: 11 rigs increasing to 15 rigs by mid-year
• North Sea: 1 floating rig / 1 platform crew
• Onshore U.S.: 3 rigs increasing to 4 rigs by mid-year
• Suriname: Exploration & appraisal in Blocks 58 and 53

Production Trajectory

• Egypt: Growth from increased activity post-PSC modernization
• North Sea: Similar level to 2021
• Onshore U.S.: Moderate decline compared to 2021; maintenance activity level reached around mid-year

1. Mineral rights sales package production impact of ~7 Mboe/d (44% oil) for 2022

1. Please refer to the glossary of referenced terms for the definition of Upstream Capital Investment and Free Cash Flow.
2. Assumes 2/7/2022 strip pricing of $86 WTI / $89 Brent / $4.40 Henry Hub.

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