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Apache Corporation
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Q4 and FY 2023 Earnings Presentation
| Kenneth Mariani | Page 8 of 11 |
May 02, 2024
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"Q4 and FY 2023 Earnings Presentation"
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APA CORPORATION ? United States: Strong oil growth partially offset by lower NGLs ? Well connection timing to result in a back-half-weighted growth profile ? Egypt: Relatively flat year-over-year adjusted oil prod.; gross volume decline ? North Sea: Year-over-year production decline of ~20% ? Large maintenance turnaround will affect 2Q & 3Q ? United States: Average 5-6 rigs across SMB & Delaware ? Egypt: Average 13-15 drilling rigs; 21 workover rigs ? North Sea: Managing production decline / no drilling planned ? Suriname: Targeting FID by year-end 2024 / no drilling planned ? Alaska: Three exploration wells planned in 1H 2024 Planned Activity Production Trajectory Note: Production growth projections based off 2/16/2024 strip pricing assumptions. (1) Excludes production attributable to tax barrels and noncontrolling interest. (2) Refer to glossary of referenced terms for definition of Upstream Capital Investment. 8 FY23 Actuals FY24 Plan Commentary Adjusted Oil Production (Mbo/d) (1) 157 157 Flat year-over-year oil production; focused on FCF generation & cash returns over organic growth Adjusted Total Production (Mboe/d) (1) 331 ~324 NGLs expected to decline due to U.S. ethane rejection; reducing FY24 production by ~6 Mboe/d Development Capex ($MM) $1,909 $1,800 Down year-over-year while holding oil volumes flat Exploration Capex ($MM) $27 $100 Provides long-term organic upside Suriname Capex ($MM) $69 $50 Capital allocated for FEED study and potential long leads Upstream Capital Investment ($MM) (2) $2,005 $1,950 Range of $1.9 to $2.0 billion 2024 Plan Overview