APA : March 2023 Investor Update

Investor Update

March 2023

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," "goals," "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, 2022 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 2022 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 Corporation Strategy

Foundation For

Long-Term

Success

• Prioritize long-term,full-cycle returns through capital allocation
• Invest to sustain/slightly grow global production from pre-pandemic levels
• Focused on immediate and actionable ESG opportunities most relevant to our industry and APA

Disciplined

Financial Approach

• Return a minimum of 60% of Free Cash Flow to shareholders through a competitive base dividend and share repurchases
• Aggressively manage cost structure
• Continue to strengthen the balance sheet & achieve investment grade credit rating among multiple rating agencies

Leveraging

Diversified

Portfolio

• Diversify risk through a balanced commodity profile and geographic pricing points
• Maintain flexibility to re-allocate capital within portfolio in response to commodity price opportunity
• Retain capability to build inventory through exploration or acquire & exploit

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2022 Highlights

Financial

Portfolio

• Generated ~$2.5 billion of Free Cash Flow (FCF)(1); 2nd highest in APA's 68-year history

• Returned ~$1.6 billion (66% of FCF) to APA shareholders through share buybacks & dividends

• Reduced outstanding shares by 10% and doubled annual dividend

• Reduced Net Debt(1,2) by $1.5 billion; eliminated > 20% of outstanding bond debt

• Increased drilling & completion activity to a level capable of delivering sustainable production growth
• Successfully integrated Delaware Basin tuck-in acquisition
• Advanced appraisal programs at Sapakara & Krabdagu with 3 successful flow tests on Block 58 offshore Suriname; announced first discovery on Block 53 at Baja

ESG

• Achieved 2022 ESG goals

• 1. Reduced routine upstream flaring by more than 40% in Egypt ahead of schedule o Outperformed safety targets (TRIR, DART, SIF, VIR)(3)
     o Established supplier diversity program & met commitment for Tier 1 spend by category reporting
• Delivering projects that can eliminate at least 1 million tonnes of CO2e emissions annually by year-end 2024

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

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2023 Plan Overview

2023 Plan

• Upstream capital investment(1) of $2.0 - $2.1 billion

• 1. 57% U.S. / 36% Int'l / 7% Exploration
• Year-over-yearadjusted oil production growth of >10%(2)
• 1. Adjusted BOE growth of 4 - 5%(2)
• Capital return to shareholders commitment: ≥ 60% of Free Cash Flow(1)
• 1. Remaining ~40% to be primarily focused on debt reduction
• Estimated uplift from gas sales contract with Cheniere of ~$200 million(2)
• $5 per Bbl WTI / Brent Oil Sensitivity of $210 million & $1 per Mcf Henry Hub Gas Sensitivity of $150 million

Planned Drilling Activity

• Onshore U.S.: Average 5 rigs (2 SMB / 3 Delaware)
• Egypt: Average ~17 rigs
• North Sea: Maintain 1 platform crew / Release Ocean Patriot semi in 2H23
• Suriname: Two Krabdagu appraisal wells / one Block 58 exploration well

Production Trajectory

• Onshore U.S.: Strong oil growth partially offset by flat/lower gas & NGLs

• 1. Completion timing driving 1Q decrease & subsequent volume ramp in 2Q-4Q
• Egypt: Steady gross oil production growth offset by gas declines
• 1. Gross oil production expected to increase 10% from 4Q22 to 4Q23
• North Sea: modest growth over 2022 a result of increased wells online & shorter scheduled maintenance turnaround activity

1. Please refer to the glossary of referenced terms for the definition of Upstream Capital Investment and Free Cash Flow.
2. Assumes 2/13/2023 strip pricing of $79 WTI / $84 Brent / $3.09 Henry Hub.

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