# EDGAR Filing Document

**Accession Number:** 0001841666
**File Stem:** 0001193125-23-045839
**Filing Date:** 2023-2
**Character Count:** 62718
**Document Hash:** e338d479ff2db4f62de39d480ba07363
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-045839.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-045839

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APA Corp
- **CENTRAL INDEX KEY:** 0001841666
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **IRS NUMBER:** 861430562
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40144
- **FILM NUMBER:** 23657134

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 POST OAK BLVD
- **STREET 2:** SUITE 100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
- **BUSINESS PHONE:** 713.296.6000

**MAIL ADDRESS:**
- **STREET 1:** 2000 POST OAK BLVD
- **STREET 2:** SUITE 100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 OR 15(d)

#### of The Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): February 22, 2023

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## APA CORPORATION

#### (Exact name of registrant as specified in its charter)

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---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40144** | **86-1430562** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

#### 2000 Post Oak Boulevard, Suite 100

#### Houston, Texas 77056-4400

#### (Address of principal executive offices) (Zip Code)

#### Registrant's telephone number, including area code: (713) 296-6000

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, $0.625 par value | APA | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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The information in this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of Section 18, and shall not be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.**  |

---

On February 22, 2023, APA Corporation issued a press release announcing financial and operating results for the fiscal quarter and year ended December 31, 2022. The full text of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

---

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>&nbsp;&nbsp;&nbsp;&nbsp;No.&nbsp;&nbsp;&nbsp;&nbsp;** | **Description** |
| 99.1 | [Press Release of APA Corporation dated February 22, 2023.](d466229dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **APA CORPORATION** | **APA CORPORATION** |
| Date: February 23, 2023 | By: | /s/ Rebecca A. Hoyt |
|  |  | Rebecca A. Hoyt |
|  |  | *Senior Vice President, Chief Accounting Officer, and Controller* |
|  |  | *(Principal Accounting Officer)* |

---

## Exhibit 99.1

**Exhibit 99.1** 

---

| | |
|:---|:---|
| ![LOGO](g466229001.jpg) | NEWS RELEASE |

---

**APA Corporation Announces Fourth-Quarter and Full-Year 2022** 

**Financial and Operational Results** 

***2022 Highlights***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Delivered full-year net cash from operating activities of $4.9 billion, adjusted EBITDAX of $6.8 billion and $2.5 billion of free cash flow (FCF);* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Returned $1.6 billion of FCF to shareholders and exceeded 60% capital return to shareholders commitment;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Repurchased 36.2 million shares of common stock; doubled the annual base dividend;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Eliminated $1.4 billion, or more than 20%, of outstanding bond debt;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Increased drilling and completion activity in the U.S. and Egypt to a pace that returns the company to moderate and sustainable production growth;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Advanced appraisal programs on Block 58 offshore Suriname at Sapakara and Krabdagu with three successful flow tests; announced first oil discovery on Block 53 at Baja; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Achieved primary emissions goal of reducing upstream routine flaring by more than 40% in Egypt.* 

***2023 Outlook and Objectives***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reiterating upstream capital budget of $2.0 to $2.1 billion;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Expecting adjusted barrels of oil equivalent (BOE) growth of 4 to 5%, and oil growth of more than 10%;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Substantial upside FCF potential from Cheniere gas sales contract commencing in third-quarter 2023;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Committed to returning at least 60% of FCF to shareholders and strengthening the balance sheet; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Continuing to appraise and explore Block 58 offshore Suriname.* 

HOUSTON, Feb. 22, 2023 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the fourth-quarter and full-year 2022.

During the fourth-quarter 2022, APA reported net income attributable to common stock of $443 million, or $1.38 per share on a fully diluted basis. When adjusted for certain items that impact the comparability of results, APA's fourth-quarter earnings totaled $476 million or $1.48 on a diluted share basis. Reported fourth-quarter production was 414,000 BOE per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 334,000 BOE per day. Net cash provided by operating activities in the fourth quarter was $1.4 billion, and adjusted EBITDAX was $1.5 billion.

------

**APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2022** 

**FINANCIAL AND OPERATIONAL RESULTS** — PAGE 2 of 5

For the full-year 2022, APA reported net income of $3.67 billion, or $11.02 per diluted common share. On an adjusted basis, APA's 2022 earnings totaled $2.56 billion or $7.68 per diluted common share. Reported full-year production was 396,000 BOE per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 318,000 BOE per day. Net cash provided by operating activities was $4.94 billion, and adjusted EBITDAX was $6.84 billion.

"APA ended the year with strong performance in each of our operational areas," said John J. Christmann IV, APA's chief executive officer and president. "In the U.S., we exceeded fourth-quarter production guidance, and in Egypt, we continue to make good progress improving rig efficiencies and growing quarterly oil production. Volumes in the North Sea returned to the mid-40 thousand BOE per day level as facilities' uptime improved from prior quarters. In Suriname, during 2022 we established more than 800 million barrels of combined estimated oil resource-in place, following three successful flow tests at Sapakara and Krabdagu. These validate our geologic, geophysical and reservoir models in the upper cretaceous age section of the central portion of Block 58, where we are further appraising Krabdagu with two rigs."

**2023 Capital Budget and Outlook** 

In 2023, APA plans to invest $2.0 to $2.1 billion in upstream oil and gas capital, which is consistent with the preliminary guidance provided in the third-quarter 2022. This capital investment level is expected to result in year-over-year adjusted BOE growth of 4 to 5%, underpinned by a more than 10% increase in oil volumes.

"APA's diversified portfolio provides us the optionality to allocate capital to areas that generate the highest returns and to opportunistically respond to changes in oil and gas prices," Christmann said. "This year our emphasis will be on higher-margin oil development, and we will continue to drive improvements in safety, operational execution, and cost management, while prioritizing initiatives that reduce our carbon intensity and help protect the environment."

**Year-End 2022 Proved Reserves** 

Worldwide estimated proved reserves totaled 890 million BOE at year-end 2022, 90% of which were classified as proved developed. During the year, APA added approximately 109 million BOE through field extensions, discoveries and revisions, and 13 million BOE from the net impact of acquisition and divestiture activity.

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**APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2022** 

**FINANCIAL AND OPERATIONAL RESULTS** — PAGE 3 of 5

**Conference Call** 

APA will host a conference call to discuss its fourth-quarter and full-year 2022 results at 10 a.m. Central time, Thursday, Feb. 23. The conference call will be webcast from APA's website at <u>www.apacorp.com</u> and <u>investor.apacorp.com</u>. Following the conference call, a replay will be available for one year on the "Investors" page of the company's website.

**About APA** 

APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and the Dominican Republic. APA posts announcements, operational updates, investor information and press releases on its website, <u>www.apacorp.com</u>. Additional details regarding Suriname, ESG performance and other investor-related topics are posted at <u>investor.apacorp.com</u>.

**Additional Information** 

Additional information follows, including reconciliations of adjusted earnings, adjusted EBITDAX, upstream capital investment, net debt, cash flows from operations before changes in operating assets and liabilities and free cash flow (non-GAAP financial measures) to GAAP measures and information regarding adjusted production. APA's quarterly supplement is available at <u>http://www.apacorp.com/financialdata</u>.

**Non-GAAP Financial Measures** 

APA's financial information includes information prepared in conformity with generally accepted accounting principles (GAAP) as well as non-GAAP financial information. It is management's intent to provide non-GAAP financial information to enhance understanding of our consolidated financial information as prepared in accordance with GAAP. Adjusted earnings, adjusted EBITDAX, upstream capital investment*,* net debt, cash flows from operations before changes in operating assets and liabilities and free cash flow are non-GAAP measures. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure.

------

**APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2022** 

**FINANCIAL AND OPERATIONAL RESULTS** — PAGE 4 of 5

**Forward-Looking Statements** 

This news release contains 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. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "continues," "could," "estimates," "expects," "goals," "guidance," "may," "might," "outlook," "possibly," "potential," "projects," "prospects," "should," "will," "would," and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in Apache Corporation's Form 10-K for the year ended December 31, 2021, and in APA's Form 10-K in the year ended December 31, 2022 when filed, and in our quarterly reports on Form 10-Q for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

**Cautionary Note to Investors** 

The United States Securities and Exchange Commission 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. APA may use certain terms in this news release, such as "resources," "potential resources," "resource potential," "estimated net reserves," "recoverable reserves," and other similar terms that the SEC guidelines strictly prohibit APA 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 Dec. 31, 2021 (and APA's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2022, when filed) available from APA at <u>www.apacorp.com</u> or by writing APA at: 2000 Post Oak Blvd., Suite 100, Houston, TX 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 <u>www.sec.gov</u>.

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**APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2022** 

**FINANCIAL AND OPERATIONAL RESULTS** — PAGE 5 of 5

**Contacts** 

Investor: (281) 302-2286 Gary Clark

Media: (713) 296-7276 Alexandra Franceschi

Website: <u>www.apacorp.com</u>

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**APA CORPORATION** 

**STATEMENT OF CONSOLIDATED OPERATIONS** 

(Unaudited)

(In millions, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  **REVENUES AND OTHER:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, natural gas, and natural gas liquids production revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil revenues | $1583 | $1271 | $6835 | $4585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas revenues | 328 | 376 | 1569 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas liquids revenues | 162 | 221 | 816 | 706 |
|  | 2073 | 1868 | 9220 | 6498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased oil and gas sales | 399 | 431 | 1855 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 2472 | 2299 | 11075 | 7985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative instrument gain (loss), net | 24 | 49 | (114) | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on divestitures, net |  | 2 | 1180 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on previously sold Gulf of Mexico properties | (157) |  | (157) | (446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | 41 | 53 | 148 | 228 |
|  | 2380 | 2403 | 12132 | 7928 |
|  **OPERATING EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease operating expenses | 377 | 350 | 1444 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gathering, processing, and transmission | 93 | 77 | 367 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased oil and gas costs | 324 | 428 | 1776 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes other than income | 38 | 55 | 268 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration | 112 | 46 | 305 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 169 | 137 | 483 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction, reorganization, and separation | 5 | 14 | 26 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion, and amortization: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas property and equipment | 339 | 315 | 1186 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 15 | 17 | 47 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligation accretion | 30 | 28 | 117 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairments |  | 190 |  | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing costs, net | 76 | 92 | 379 | 514 |
|  | 1578 | 1749 | 6398 | 6037 |
|  **NET INCOME BEFORE INCOME TAXES** | 802 | 654 | 5734 | 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current income tax provision | 343 | 189 | 1507 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax provision (benefit) | (80) | (20) | 145 | (74) |
|  **NET INCOME INCLUDING NONCONTROLLING INTERESTS** | 539 | 485 | 4082 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to noncontrolling interest - Egypt | 96 | 42 | 464 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) attributable to noncontrolling interest - Altus |  | (28) | 14 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) attributable to Altus Preferred Unit limited partners |  | 89 | (70) | 162 |
|  **NET INCOME ATTRIBUTABLE TO COMMON STOCK** | $443 | $382 | $3674 | $973 |
|  **NET INCOME PER COMMON SHARE:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $1.38 | $1.06 | $11.05 | $2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $1.38 | $1.05 | $11.02 | $2.59 |
|  **WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 321 | 361 | 332 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 322 | 362 | 333 | 375 |
|  **DIVIDENDS DECLARED PER COMMON SHARE** | $0.25 | $0.125 | $0.75 | 0.2375 |

---

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**APA CORPORATION** 

**PRODUCTION INFORMATION** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **% Change** | **% Change** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,**<br>**2022** | **September 30,**<br>**2022** | **December 31,**<br>**2021** | **4Q22 to**<br>**3Q22** | **4Q22 to**<br>**4Q21** | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
|  **OIL VOLUME - Barrels per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 74767 | 72351 | 74673 | 3% | 0% | 70398 | 75205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt <sup>(1, 2)</sup> | 88715 | 81095 | 68261 | 9% | 30% | 85081 | 70349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sea | 37473 | 25160 | 35873 | 49% | 4% | 32578 | 36265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International <sup>(1)</sup> | 126188 | 106255 | 104134 | 19% | 21% | 117659 | 106614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total <sup>(1)</sup> | 200955 | 178606 | 178807 | 13% | 12% | 188057 | 181819 |
|  **NATURAL GAS VOLUME - Mcf per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 468888 | 489107 | 514894 | -4% | -9% | 473292 | 527461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt <sup>(1, 2)</sup> | 373911 | 318945 | 277142 | 17% | 35% | 356327 | 263653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sea | 41370 | 18822 | 34124 | 120% | 21% | 35327 | 38565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International <sup>(1)</sup> | 415281 | 337767 | 311266 | 23% | 33% | 391654 | 302218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total <sup>(1)</sup> | 884169 | 826874 | 826160 | 7% | 7% | 864946 | 829679 |
|  **NGL VOLUME - Barrels per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 64915 | 64958 | 67502 | 0% | -4% | 62727 | 66232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt <sup>(1, 2)</sup> |  |  | 492 | NM | NM | 196 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sea | 1203 | 558 | 1136 | 116% | 6% | 1111 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International <sup>(1)</sup> | 1203 | 558 | 1628 | 116% | -26% | 1307 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total <sup>(1)</sup> | 66118 | 65516 | 69130 | 1% | -4% | 64034 | 67962 |
|  **BOE per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 217830 | 218826 | 227991 | 0% | -4% | 212007 | 229348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt <sup>(1, 2)</sup> | 151034 | 134253 | 114943 | 12% | 31% | 144665 | 114821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sea | 45571 | 28855 | 42696 | 58% | 7% | 39577 | 43892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International <sup>(1)</sup> | 196605 | 163108 | 157639 | 21% | 25% | 184242 | 158713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total <sup>(1)</sup> | 414435 | 381934 | 385630 | 9% | 7% | 396249 | 388061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total excluding noncontrolling interests | 365279 | 337093 | 346944 | 8% | 5% | 348305 | 349645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Includes net production volumes attributed to our noncontrolling partner in Egypt below: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Includes net production volumes attributed to our noncontrolling partner in Egypt below: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Includes net production volumes attributed to our noncontrolling partner in Egypt below: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Includes net production volumes attributed to our noncontrolling partner in Egypt below: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Includes net production volumes attributed to our noncontrolling partner in Egypt below: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Includes net production volumes attributed to our noncontrolling partner in Egypt below: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Includes net production volumes attributed to our noncontrolling partner in Egypt below: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Includes net production volumes attributed to our noncontrolling partner in Egypt below: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil (b/d) | 28881 | 27082 | 22875 |  |  | 28200 | 23504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas (Mcf/d) | 121650 | 106553 | 93883 |  |  | 118074 | 88409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL (b/d) |  |  | 164 |  |  | 65 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOE per day | 49156 | 44841 | 38686 | 10% | 27% | 47944 | 38416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Egypt Gross Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Egypt Gross Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Egypt Gross Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Egypt Gross Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Egypt Gross Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Egypt Gross Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Egypt Gross Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Egypt Gross Production |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil (b/d) | 139587 | 133607 | 133925 |  |  | 137260 | 134711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas (Mcf/d) | 559401 | 510260 | 600919 |  |  | 555562 | 586663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL (b/d) |  |  | 876 |  |  | 297 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOE per day | 232821 | 218650 | 234954 | 6% | -1% | 230151 | 233342 |

---

NM - not meaningful

------

**APA CORPORATION** 

**ADJUSTED PRODUCTION INFORMATION** 

Adjusted production excludes certain items that management believes affect the comparability of operating results for the periods presented. Adjusted production excludes production attributable to 1) noncontrolling interest in Egypt and 2) Egypt tax barrels. Management uses adjusted production to evaluate the company's operational trends and performance and believes it is useful to investors and other third parties.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **% Change** | **% Change** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,**<br>**2022** | **September 30,**<br>**2022** | **December 31,**<br>**2021** | **4Q22 to**<br>**3Q22** | **4Q22 to**<br>**4Q21** | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
|  **OIL VOLUME - Barrels per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 74767 | 72351 | 74673 | 3% | 0% | 70398 | 75205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt | 41719 | 37584 | 35017 | 11% | 19% | 39010 | 36053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sea | 37473 | 25160 | 35873 | 49% | 4% | 32578 | 36265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International | 79192 | 62744 | 70890 | 26% | 12% | 71588 | 72318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 153959 | 135095 | 145563 | 14% | 6% | 141986 | 147523 |
|  **NATURAL GAS VOLUME - Mcf per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 468888 | 489107 | 514894 | -4% | -9% | 473292 | 527461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt | 175184 | 147831 | 149341 | 19% | 17% | 162783 | 145178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sea | 41370 | 18822 | 34124 | 120% | 21% | 35327 | 38565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International | 216554 | 166653 | 183465 | 30% | 18% | 198110 | 183743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 685442 | 655760 | 698359 | 5% | -2% | 671402 | 711204 |
|  **NGL VOLUME - Barrels per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 64915 | 64958 | 67502 | 0% | -4% | 62727 | 66232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt |  |  | 263 | NM | NM | 89 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sea | 1203 | 558 | 1136 | 116% | 6% | 1111 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International | 1203 | 558 | 1399 | 116% | -14% | 1200 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 66118 | 65516 | 68901 | 1% | -4% | 63927 | 67714 |
|  **BOE per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 217830 | 218826 | 227991 | 0% | -4% | 212007 | 229348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt | 70917 | 62223 | 60170 | 14% | 18% | 66229 | 60532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sea | 45571 | 28855 | 42696 | 58% | 7% | 39577 | 43892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International | 116488 | 91078 | 102866 | 28% | 13% | 105806 | 104424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 334318 | 309904 | 330857 | 8% | 1% | 317813 | 333772 |

---

NM - not meaningful

------

**APA CORPORATION**

**PRICE INFORMATION**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,**<br>**2022** | **September 30,**<br>**2022** | **December 31,**<br>**2021** | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
|  **AVERAGE OIL PRICE PER BARREL** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | $83.70 | $94.62 | $76.32 | $95.68 | $67.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt | 87.41 | 99.04 | 80.71 | 101.25 | 70.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sea | 88.24 | 101.85 | 78.94 | 100.87 | 69.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International | 87.65 | 99.84 | 80.13 | 101.14 | 70.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 86.17 | 97.81 | 78.52 | 99.11 | 68.97 |
|  **AVERAGE NATURAL GAS PRICE PER MCF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | $3.57 | $6.67 | $4.67 | $5.31 | $3.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt | 2.92 | 2.87 | 2.82 | 2.85 | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sea | 20.45 | 24.12 | 26.34 | 23.36 | 12.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International | 4.57 | 4.13 | 5.40 | 4.58 | 4.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 4.04 | 5.62 | 4.95 | 4.98 | 3.99 |
|  **AVERAGE NGL PRICE PER BARREL** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | $25.06 | $32.97 | $33.92 | $33.41 | $27.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt |  |  | 62.32 | 76.80 | 48.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sea | 55.86 | 70.42 | 73.33 | 67.07 | 54.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International | 55.86 | 70.42 | 70.00 | 67.99 | 52.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 26.22 | 33.39 | 34.77 | 34.51 | 28.48 |

---

------

**APA CORPORATION** 

**SUPPLEMENTAL FINANCIAL INFORMATION** 

(Unaudited)

(In millions)

**SUMMARY EXPLORATION EXPENSE INFORMATION** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  Unproved leasehold impairments | $2 | $5 | $24 | $31 |
|  Dry hole expense | 76 | 25 | 183 | 66 |
|  Geological and geophysical expense | 4 | 4 | 23 | 18 |
|  Exploration overhead and other | 30 | 12 | 75 | 40 |
|  | $112 | $46 | $305 | $155 |

---

**SUMMARY CASH FLOW INFORMATION** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  Net cash provided by operating activities | $1413 | $1085 | $4943 | $3496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions to upstream oil and gas property | (609) | (314) | (1807) | (1110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of Delaware Basin properties | (28) |  | (591) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of oil and gas properties |  | 17 | 778 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of Kinetik shares |  |  | 224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deconsolidation of Altus cash and cash equivalents |  |  | (143) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | 20 | 6 | 28 | 21 |
|  Net cash used in investing activities | $(617) | $(291) | $(1511) | $(833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from revolving credit facilities, net | 46 | 102 | 24 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Altus credit facility, net |  |  |  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on Apache fixed-rate debt | (123) |  | (1493) | (1795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to noncontrolling interest - Egypt | (125) | (76) | (362) | (279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to Altus Preferred Unit limited partners |  | (12) | (11) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock activity, net | (539) | (847) | (1423) | (847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to APA common stockholders | (80) | (24) | (207) | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 2 | (12) | (17) | (29) |
|  Net cash used in financing activities | $(819) | $(869) | $(3489) | $(2623) |

---

**SUMMARY BALANCE SHEET INFORMATION** 

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
|  Cash and cash equivalents | $245 | $302 |
|  Other current assets | 2463 | 2078 |
|  Property and equipment, net | 9012 | 8335 |
|  Decommissioning security for sold Gulf of Mexico properties | 217 | 640 |
|  Other assets | 1210 | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $13147 | $13303 |
|  Current debt | $2 | $215 |
|  Current liabilities | 2914 | 1902 |
|  Long-term debt | 5451 | 6638 |
|  Long-term debt - Altus |  | 657 |
|  Decommissioning contingency for sold Gulf of Mexico properties | 738 | 1086 |
|  Deferred credits and other noncurrent liabilities | 2697 | 2810 |
|  Redeemable noncontrolling interest - Altus Preferred Unit limited partners |  | 712 |
|  APA shareholders' equity (deficit) | 423 | (1595) |
|  Noncontrolling interest - Egypt | 922 | 820 |
|  Noncontrolling interest - Altus |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities and equity | $13147 | $13303 |
|  Common shares outstanding at end of period | 312 | 347 |

---

------

**APA CORPORATION** 

**NON-GAAP FINANCIAL MEASURES** 

(In millions, except per share data)

**<u>Reconciliation of Costs incurred to Upstream capital investment</u>**

Management believes the presentation of upstream capital investments is useful for investors to assess APA's expenditures related to our upstream capital activity. We define capital investments as costs incurred for oil and gas activities, adjusted to exclude property acquisitions, asset retirement obligation revisions and liabilities incurred, capitalized interest, and certain exploration expenses, while including amounts paid during the period for abandonment and decommissioning expenditures. Upstream capital expenditures attributable to a one-third noncontrolling interest in Egypt are also excluded. Management believes this provides a more accurate reflection of APA's cash expenditures related to upstream capital activity and is consistent with how we plan our capital budget.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  Costs incurred in oil and gas property: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset and leasehold acquisitions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proved | $16 | $(160) | $599 | $(157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unproved | 15 | 23 | 66 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration and development | 441 | 529 | 1904 | 1387 |
|  Total Costs incurred in oil and gas property | $472 | $392 | $2569 | $1259 |
|  Reconciliation of Costs incurred to Upstream capital investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Costs incurred in oil and gas property | $472 | $392 | $2569 | $1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property acquisitions | (24) |  | (625) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations settled vs. incurred - oil and gas property | 150 | (133) | 174 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt PSC modernization impact |  | 145 |  | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized interest | (5) | (3) | (18) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration seismic and administration costs | (34) | (16) | (98) | (58) |
|  Upstream capital investment including noncontrolling interest - Egypt | $559 | $385 | $2002 | $1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less noncontrolling interest - Egypt | (73) | (51) | (235) | (159) |
|  Total Upstream capital investment | $486 | $334 | $1767 | $1062 |

---

**<u>Reconciliation of Net cash provided by operating activities to Cash flows from operations before changes in operating assets and liabilities and Free cash flow</u>**

Cash flows from operations before changes in operating assets and liabilities and free cash flow are non-GAAP financial measures. APA uses these measures internally and provides this information because management believes it is useful in evaluating the company's ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt, as well as to compare our results from period to period. We believe these measures are also used by research analysts and investors to value and compare oil and gas exploration and production companies and are frequently included in published research reports when providing investment recommendations. Cash flows from operations before changes in operating assets and liabilities and free cash flow are additional measures of liquidity but are not measures of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities. Additionally, this presentation of free cash flow may not be comparable to similar measures presented by other companies in our industry.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  Net cash provided by operating activities | $1413 | $1085 | $4943 | $3496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities | (369) | (95) | (121) | (37) |
|  Cash flows from operations before changes in operating assets and liabilities | $1044 | $990 | $4822 | $3459 |
|  Adjustments to free cash flow: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altus Midstream cash flows from operations before changes in operating assets and liabilities |  | (63) |  | (211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstream capital investment including noncontrolling interest - Egypt | (559) | (385) | (2002) | (1221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to Sinopec noncontrolling interest | (125) | (76) | (362) | (279) |
|  Upstream free cash flow | $360 | $466 | $2458 | $1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash dividends received from Altus Midstream |  | 19 |  | 75 |
|  Free cash flow | $360 | $485 | $2458 | $1823 |

---

**<u>Reconciliation of Net cash provided by operating activities to Adjusted EBITDAX</u>**

Management believes EBITDAX, or earnings before income tax expense, interest expense, depreciation, amortization and exploration expense is a widely accepted financial indicator, and useful for investors, to assess a company's ability to incur and service debt, fund capital expenditures, and make distributions to shareholders. We define adjusted EBITDAX, a non-GAAP financial measure, as EBITDAX adjusted for certain items presented in the accompanying reconciliation. Management uses adjusted EBITDAX to evaluate our ability to fund our capital expenditures, debt services and other operational requirements and to compare our results from period to period by eliminating the impact of certain items that management does not consider to be representative of the Company's on-going operations. Management also believes adjusted EBITDAX facilitates investors and analysts in evaluating and comparing EBITDAX from period to period by eliminating differences caused by the existence and timing of certain operating expenses that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted EBITDAX may not be comparable to similar measures of other companies in our industry.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2022** | **2021** | **2022** | **2021** |
|  Net cash provided by operating activities | $1413 | $1104 | $1085 | $4943 | $3496 |
|  Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration expense other than dry hole expense and unproved leasehold impairments | 34 | 13 | 16 | 98 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current income tax provision | 343 | 357 | 189 | 1507 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other adjustments to reconcile net income (loss) to net cash provided by operating activities | (18) | 3 | (34) | 73 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities | (369) | 134 | (95) | (121) | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing costs, net | 76 | 75 | 92 | 312 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction, reorganization & separation costs | 5 | 4 | 14 | 26 | 22 |
|  Adjusted EBITDAX (Non-GAAP) | $1484 | $1690 | $1267 | $6838 | $4573 |

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**APA CORPORATION** 

**NON-GAAP FINANCIAL MEASURES** 

(In millions)

**<u>Reconciliation of debt to net debt</u>**

Net debt, or outstanding debt obligations less cash and cash equivalents, is a non-GAAP financial measure. Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Altus Midstream LP credit facility is unsecured and is not guaranteed by APA or any of APA's other subsidiaries.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **APA**<br>**Upstream** | **Altus**<br>**Midstream** | **APA**<br>**Consolidated** | **APA**<br>**Upstream** | **Altus**<br>**Midstream** | **APA**<br>**Consolidated** |
|  Current debt | $2 | $— | $2 | $215 | $— | $215 |
|  Long-term debt | 5451 |  | 5451 | 6638 |  | 6638 |
|  Long-term debt - Altus |  |  |  |  | 657 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | 5453 |  | 5453 | 6853 | 657 | 7510 |
|  Cash and cash equivalents | 245 |  | 245 | 170 | 132 | 302 |
|  Net debt | $5208 | $— | $5208 | $6683 | $525 | $7208 |

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**<u>Reconciliation of Income attributable to common stock to Adjusted earnings</u>**

Our presentation of adjusted earnings and adjusted earnings per share are non-GAAP measures because they exclude the effect of certain items included in Income Attributable to Common Stock. Management believes that adjusted earnings and adjusted earnings per share provides relevant and useful information, which is widely used by analysts, investors and competitors in our industry as well as by our management in assessing the Company's operational trends and comparability of results to our peers.

Management uses adjusted earnings and adjusted earnings per share to evaluate our operating and financial performance because it eliminates the impact of certain items that management does not consider to be representative of the Company's on-going business operations. As a performance measure, adjusted earnings may be useful to investors in facilitating comparisons to others in the Company's industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, capital structure and asset sales and other divestitures, among other factors. Management believes excluding these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted earnings and adjusted earnings per share may not be comparable to similar measures of other companies in our industry.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Before**<br>**Tax** | **Tax**<br>**Impact** | **After**<br>**Tax** | **Diluted**<br>**EPS** | **Before**<br>**Tax** | **Tax**<br>**Impact** | **After**<br>**Tax** | **Diluted**<br>**EPS** |
|  Net income including noncontrolling interests (GAAP) | $802 | $(263) | $539 | $1.68 | $654 | $(169) | $485 | $1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income attributable to noncontrolling interests | 170 | (74) | 96 | 0.30 | 59 | (45) | 14 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income attributable to Altus preferred unit limited partner |  |  |  |  | 89 |  | 89 | 0.25 |
|  Net income attributable to common stock | 632 | (189) | 443 | 1.38 | 506 | (124) | 382 | 1.05 |
|  Adjustments: \* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset and unproved leasehold impairments | 2 |  | 2 |  | 195 | (36) | 159 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest impact on Altus impairments |  |  |  |  | (33) | 7 | (26) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest & tax barrel impact on Egypt adjustments |  |  |  |  | (10) |  | (10) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance and other tax adjustments |  | (47) | (47) | (0.15) |  | (42) | (42) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized derivative instrument gain | (52) | 11 | (41) | (0.13) | (20) | 16 | (4) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on previously sold Gulf of Mexico properties | 157 | (33) | 124 | 0.39 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinetik equity investment mark-to-market gain | (9) | 2 | (7) | (0.02) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction, reorganization & separation costs | 5 | (2) | 3 | 0.01 | 14 | (4) | 10 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on divestitures, net |  |  |  |  | (2) | 1 | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (1) |  | (1) |  |  |  |  |  |
|  Adjusted earnings (Non-GAAP) | $734 | $(258) | $476 | $1.48 | $650 | $(182) | $468 | $1.29 |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Before** | **Tax** | **After** | **Diluted** | **Before** | **Tax** | **After** | **Diluted** |
|  | **Tax** | **Impact** | **Tax** | **EPS** | **Tax** | **Impact** | **Tax** | **EPS** |
|  Net income including noncontrolling interests (GAAP) | $5734 | $(1652) | $4082 | $12.24 | $1891 | $(578) | $1313 | $3.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income attributable to noncontrolling interests | 842 | (364) | 478 | 1.43 | 336 | (158) | 178 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) attributable to Altus preferred unit limited partner | (70) |  | (70) | (0.21) | 162 |  | 162 | 0.43 |
|  Net income attributable to common stock | 4962 | (1288) | 3674 | 11.02 | 1393 | (420) | 973 | 2.59 |
|  Adjustments: \* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset and unproved leasehold impairments | 24 | (4) | 20 | 0.06 | 239 | (47) | 192 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest impact on Altus impairments |  |  |  |  | (33) | 7 | (26) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest & tax barrel impact on Egypt adjustments | 1 | (2) | (1) |  | (12) |  | (12) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance and other tax adjustments \*\* |  | (226) | (226) | (0.68) |  | (85) | (85) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt | 67 | (14) | 53 | 0.15 | 104 | (22) | 82 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized derivative instrument (gain) loss | (5) | (7) | (12) | (0.03) | 13 | 12 | 25 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on previously sold Gulf of Mexico properties | 157 | (33) | 124 | 0.37 | 446 | (94) | 352 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinetik equity investment mark-to-market gain | (32) | 2 | (30) | (0.08) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction, reorganization & separation costs | 26 | (8) | 18 | 0.05 | 22 | (7) | 15 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on divestitures, net | (1180) | 125 | (1055) | (3.17) | (67) | 14 | (53) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (6) | 1 | (5) | (0.01) | (1) |  | (1) | (0.01) |
|  Adjusted Earnings (Non-GAAP) | $4014 | $(1454) | $2560 | $7.68 | $2104 | $(642) | $1462 | $3.90 |

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\* The income tax effect of the reconciling items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides.

\*\* Includes $208 million related to the remeasurement of the June 30, 2022 U.K. deferred tax liability in connection with the Energy (Oil and Gas) Profits Levy Act 2022. 

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**APACHE CORPORATION** 

**OIL & GAS RESERVES INFORMATION** 

**For the Year Ended December 31, 2022** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  **OIL (Mbbl)** |  |  |  |  |
|  | U.S. | Egypt<sup>1</sup> | North Sea | Total<sup>1</sup> |
|  Balance - Dec 31, 2021 | 199136 | 117649 | 82830 | 399615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extensions and Discoveries | 9776 | 7580 | 2616 | 19972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 16362 |  |  | 16362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions | 7793 | 22433 | 11898 | 42124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (25695) | (31055) | (11891) | (68641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (7425) |  |  | (7425) |
|  Balance - Dec 31, 2022 | 199947 | 116607 | 85453 | 402007 |
|  **NGL's (Mbbl)** |  |  |  |  |
|  | U.S. | Egypt<sup>1</sup> | North Sea | Total<sup>1</sup> |
|  Balance - Dec 31, 2021 | 180552 | 476 | 2334 | 183362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extensions and Discoveries | 5456 |  | 45 | 5501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 10985 |  |  | 10985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions | 9991 | (407) | 333 | 9917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (22895) | (69) | (406) | (23370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (6340) |  |  | (6340) |
|  Balance - Dec 31, 2022 | 177749 |  | 2306 | 180055 |
|  **GAS (MMcf)** |  |  |  |  |
|  | U.S. | Egypt<sup>1</sup> | North Sea | Total<sup>1</sup> |
|  Balance - Dec 31, 2021 | 1421902 | 474725 | 83279 | 1979906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extensions and Discoveries | 38157 | 10191 | 1643 | 49991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 70584 |  |  | 70584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions | 92599 | 45725 | (3431) | 134893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (172752) | (130071) | (12895) | (315718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (73410) |  |  | (73410) |
|  Balance - Dec 31, 2022 | 1377080 | 400570 | 68596 | 1846246 |
|  **TOTAL BOE (Mboe)** |  |  |  |  |
|  | U.S. | Egypt<sup>1</sup> | North Sea | Total<sup>1</sup> |
|  Balance - Dec 31, 2021 | 616672 | 197246 | 99044 | 912962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extensions and Discoveries | 21592 | 9278 | 2935 | 33805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 39110 |  |  | 39110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions | 33217 | 29647 | 11659 | 74523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (77382) | (52803) | (14446) | (144631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (26000) |  |  | (26000) |
|  Balance - Dec 31, 2022 | 607209 | 183368 | 99192 | 889769 |
|  **Proved developed reserves:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil (Mbbls) | 177708 | 108050 | 82580 | 368338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL's (Mbbls) | 158745 |  | 2230 | 160975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas (Mboe) | 194370 | 66583 | 11049 | 272002 |
|  Balance - Dec 31, 2022 (Mboe) | 530823 | 174633 | 95859 | 801315 |

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<sup>(1)</sup> Includes reserves attributable to noncontrolling interest in Egypt.