APA : Supplement

First-Quarter 2021

Financial & Operational Supplement

Notice to Investors

Certain statements in this earnings supplement 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 earnings supplement. 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 earnings supplement, 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 earnings supplement, 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 earnings supplement, 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 earnings supplement 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 first quarter 2021 earnings release at www.apacorp.comand "Non-GAAP Reconciliations" of this earnings supplement.

None of the information contained in this document has been audited by any independent auditor. This earnings supplement 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.

2

1Q 2021 Key Metrics

1Q 2021

Reported Production	382 Mboe/d
Adjusted Production(1)	326 Mboe/d
Cost Incurred in Oil and Gas Property	$287 Million
Upstream Capital Investment(2)	$243	Million
Net Cash Provided by Operating Activities	$671	Million
Adjusted EBITDAX(2)	$1,137	Million
Free Cash Flow(2)	$502	Million
Diluted Earnings (Loss) Per Share		$1.02
Adjusted Earnings (Loss) Per Share(2)		$0.91

(1)	Excludes production attributable to Egypt tax barrels and noncontrolling interest.
(2)	For a reconciliation to the most directly comparable GAAP financial measure please refer to the Non-GAAP Reconciliations.	3

APA's Strategy

Foundation For

Long-Term

Success

• Prioritizing returns over production growth
• Positioning the balance sheet and portfolio for increasing cash returns to investors
• Focus on areas where APA can have the greatest impact on the most salient ESG matters

Leveraging

Diversified

Portfolio

• Balanced commodity profile and geographic pricing points diversify risk
• Directing a significant percentage of capital budget to Suriname
• Reinitiating measured level of activity in the U.S.
• Modernizing Egypt PSCs(1)

Disciplined

Financial

Approach

• Retaining cash to reduce debt
• Aggressively managing cost structure
• Moderate capital investment during periods of low commodity prices

(1) Pending certain approvals within the Government of Egypt and ratification by the Egyptian Parliament.

4

Highlights

Generated $502 Million of Free Cash Flow(1) in 1Q'21	1Q'21 Adjusted Production(2) of
	326 MBOE/D Exceeded Guidance

Delivered 1Q'21 Upstream Capital Investment(1) of	Adjusted Oil Production(2) of
$243 Million		148 MBO/D
Announced Keskesi Discovery in	Hadid Oil Discovery
Campanian / Santonian		Utilizing New Seismic in Egypt

Reduced 1Q'21 APA Net Debt(1,3)
by $339 Million	TOTAL Operating 2 Rigs	Encountered net oil pay of
	Initiated Appraisal Program	152 feet

(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 definition of Free Cash Flow and Upstream Capital Investment.

(2) Excludes production attributable to tax barrels and noncontrolling interest.5

(3) Excludes Altus Midstream (ALTM).