Acquisition and Asset Management - APA Corporation completed the acquisition of Callon Petroleum Company for approximately $4.5 billion, enhancing its asset base in the Permian Basin with 120,000 net acres in the Delaware Basin and 25,000 net acres in the Midland Basin[29]. - The company generated approximately $1.6 billion from the sale of non-core producing properties and mineral interests, primarily used to reduce debt, streamlining its acreage position for long-term growth[29]. - The company has a noncontrolling ownership interest in Kinetik Holdings Inc., divesting its stake for total proceeds of approximately $880 million over three years[29]. - APA's capital allocation process has been enhanced through a series of transactions that upgraded its asset portfolio and improved capital efficiencies[27]. - The company relinquished its net acreage holdings offshore the Dominican Republic in 2024, continuing to assess opportunities in other international locations[69]. Production and Reserves - In 2024, the Company achieved total production of 166.4 MMboe, generating revenues of $8,196 million, with the United States contributing 62% of production and 53% of revenues[33]. - The Company's U.S. operations have estimated year-end proved reserves of 695 MMboe, with 72% of these reserves located in the U.S.[35]. - The company's total estimated proved reserves of 500 MMbbls of crude oil, 209 MMbbls of NGLs, and 1.6 Tcf of natural gas, equivalent to 969 million boe, with liquids representing approximately 73 percent[76]. - The company's proved developed reserves totaled 669 MMboe, while estimated proved undeveloped (PUD) reserves amounted to 300 MMboe, representing approximately 31 percent of worldwide total proved reserves[76]. - The company added approximately 325 MMboe from extensions, discoveries, and other additions during 2024, with 223 MMboe derived from U.S. drilling activity in the Permian Basin[77]. Operational Strategy and Flexibility - APA's business strategy focuses on moderate, sustainable production growth while managing costs and strengthening its balance sheet to generate excess cash flow for shareholder returns[25]. - The company aims to invest for long-term returns while navigating uncertainties in global supply chains and financial markets, including inflation and geopolitical tensions[25]. - APA's operational flexibility and rigorous asset management are key to optimizing shareholder value over the long term[27]. - The company has ongoing operations in the U.S., Egypt, and offshore the U.K., with active development in Suriname and exploration interests in Uruguay and Alaska[22][31]. - APA's diversified portfolio allows for timely responses to near-term price volatility and effective management of investment programs[26]. Exploration and Development - The Company drilled 87 gross development wells in the Southern Midland Basin with a 100% success rate and acquired approximately 25,000 net acres in the Midland Basin as part of the Callon acquisition[37]. - In Egypt, the Company held 5.3 million gross acres at year-end 2024, with 67% of this acreage undeveloped, contributing 30% of total production and 17% of year-end estimated proved reserves[45][48]. - The Company completed a three-well exploration program in Alaska, confirming a working petroleum system on its 325,000 gross acres of undeveloped acreage[44]. - The Company drilled 48 gross development and 36 gross exploration wells in Egypt in 2024, utilizing 3-D seismic surveys covering three million acres to enhance drilling inventory[49]. - The Company holds a 45 percent working interest in Block 53 offshore Suriname, with approximately 13,000 net undeveloped acres in the Baja discovery area[57]. Financial Commitments and Investments - The Company announced a $10.5 billion investment for the GranMorgu oil development in Block 58 offshore Suriname, with first oil expected in 2028[56]. - The Company has long-term delivery commitments for natural gas averaging 161 Bcf per year from 2025 to 2029 and 4.2 MMbbls of crude oil in 2025[42][43]. - The new gas sales agreement in Egypt, effective January 2025, could improve pricing based on production thresholds, creating potential for significant new drilling inventory[52]. - The company spent approximately $341 million on projects associated with proved undeveloped reserves in 2024, with $321 million allocated to U.S. activities and $20 million to international areas[82]. Employee and Community Engagement - The company employed approximately 2,305 full-time equivalent employees globally as of December 31, 2024, with the majority located in the United States (1,505 employees)[95][96]. - The company has established various employee resource groups (ERGs) and expanded recruitment efforts at Historically Black Colleges & Universities (HBCUs) to enhance diversity and inclusion[100]. - The Company granted 169,000 trees to 63 community partners in the U.S. and U.K. as part of its environmental stewardship initiatives[116]. - The Company continues to support the Clean Cooking Alliance in Sub-Saharan Africa, facilitating access to technical support and funding for clean cooking entrepreneurs[117]. Safety and Compliance - Total Recordable Incident Rate (TRIR) at 0.16, which is 33% below the target of 0.24[110]. - Days Away, Restricted and Transferred Rate (DART) at 0.09, 25% below the target of 0.12[111]. - Severe Incident Rate (SIR) at 0.009, 10% below the target of 0.010[111]. - Vehicle Incident Rate (VIR) at 0.59, 28% above the target of 0.46[110]. - The company engaged Ryder Scott Company for a reserves audit, covering 90 percent of estimated proved reserves values and 82 percent of volumes, ensuring compliance with SEC regulations[88][89].

Financial Data and Key Metrics Changes - For Q4 2024, APA reported consolidated net income of $354 million or $0.96 per diluted share, with adjusted net income of $290 million or $0.79 per share [19][20] - The company generated $420 million of free cash flow in Q4 2024, the highest for any quarter in 2024, and returned 46% of this amount to shareholders [21] - For the full year 2024, APA generated $841 million in free cash flow, returning 71% to shareholders [21][22] Business Line Data and Key Metrics Changes - In the Permian Basin, APA's U.S. business is now almost entirely comprised of unconventional assets, driving over 75% of current adjusted production [7][8] - The company achieved a breakeven oil price of $61 per barrel in 2024, down from Cowen's 2023 breakeven of $78 per barrel [13] - In Egypt, APA returned to normalized workover and recompletion backlogs, improving oil production profiles [9] Market Data and Key Metrics Changes - The average realized gas price is expected to increase from $2.96 per Mcf in Q4 2024 to at least $3.15 per Mcf in Q1 2025, with a full-year average expected in the $3.4 to $3.5 range [27] - The company anticipates generating a combined net gain of $600 million for 2025 from gas trading activities [30][78] Company Strategy and Development Direction - APA's strategy includes enhancing the quality and sustainability of its portfolio in the Permian Basin and Egypt while building long-term optionality through exploration [6][18] - The company plans to run an eight-rig program in the Permian and a 12-rig program in Egypt for 2025, with a total capital budget of $2.5 billion to $2.6 billion [14][15] - Cost reduction initiatives are expected to generate at least $350 million in annualized savings by the end of 2027 [17][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cost reduction targets and emphasized the importance of a sustainable and predictable production profile [38][39] - The company aims to reduce controllable spend to drive free cash flow growth from 2025 to 2027, ahead of Suriname's first oil in 2028 [18][34] Other Important Information - APA achieved a BBB- rating from S&P, marking it as investment grade with all three rating agencies [7][22] - The company closed the sale of non-core conventional properties in the Permian Basin on December 31, 2024 [12] Q&A Session Summary Question: Concerns about share performance despite strong cash flow - Management acknowledged the concerns and highlighted the transformation of their asset base, emphasizing cost structure improvements and sustainable inventory [36][37] Question: Share buybacks versus debt repayment - Management stated that they are working on both share buybacks and debt repayment, believing in the value of their asset base [40][41] Question: Update on Alaska exploration - Operations in Alaska are progressing well, with no comments on pay zones yet, but management is optimistic about the results [49][50] Question: Permian productivity and guidance - Management noted improved productivity in Howard County and clarified that 2025 guidance reflects a sustainable production base with eight rigs [56][63] Question: Balancing rig activity between oil and gas in Egypt - Management indicated a strong start in gas drilling and plans to potentially shift more rigs to gas as results improve [66][68] Question: Receivable situation in Egypt - Management reported that past due balances have remained stable, with expectations for progress in 2025 [74][75] Question: Breakdown of gas trading revenue - Management provided a breakdown of expected gas trading revenue for 2025, with significant contributions from both pipeline trading and LNG contracts [78] Question: Cost-cutting initiatives and organizational changes - Management detailed their approach to cost savings, emphasizing a structured plan to achieve targets over three years [82][86] Question: Inventory duration in the Permian - Management expressed confidence in sustaining inventory through 2029, with ongoing efforts to characterize Cowen assets [89][92]

Financial Performance - In Q4 2024, APA Corporation reported a net income of $354 million, or $0.96 per diluted share, with adjusted earnings of $290 million, or $0.79 per diluted share[5]. - For the full year 2024, net income attributable to common stock was $804 million, or $2.27 per diluted share, with adjusted earnings totaling $1.3 billion, or $3.77 per diluted share[7]. - The company generated $3.6 billion in net cash from operating activities and achieved $5.9 billion in adjusted EBITDAX for 2024[7]. - Free cash flow for the year ended December 31, 2024, was $841 million, down 13% from $965 million in 2023[42]. - Net cash provided by operating activities for the year ended December 31, 2024, was $3,620 million, an increase of 16% from $3,129 million in 2023[42]. - Adjusted EBITDAX for Q4 2024 was $1,550 million, compared to $1,557 million in Q4 2023, showing a slight decline of 0.4%[45]. - Net income attributable to common stock for Q4 2024 was $354 million, a decrease of 4.1% from $377 million in Q4 2023, resulting in diluted EPS of $0.96 compared to $1.00[51]. - For the year ended December 31, 2024, net income attributable to common stock was $804 million, down 64.3% from $2.255 billion in 2023, with diluted EPS decreasing to $2.27 from $9.25[51]. - Adjusted earnings (Non-GAAP) for Q4 2024 were $290 million, a decline of 17.6% from $352 million in Q4 2023, leading to an adjusted EPS of $0.79 compared to $1.15[51]. Production and Reserves - Full-year production averaged 455,000 BOE per day, with adjusted production at 385,000 BOE per day[7]. - Total adjusted production for 2025 is expected to be around 396,000 BOE per day, a 3% increase from 2024[7]. - Total oil volume increased to 220,273 barrels per day, a 5% increase from the previous quarter and a 38% increase year-over-year[30]. - Natural gas volume reached 698,245 Mcf per day, reflecting an 11% increase from the previous quarter and a 4% increase year-over-year[30]. - Total BOE per day was 418,347, representing a 6% increase from the previous quarter and a 23% increase year-over-year[30]. - The company reported a total of 511,587 Mcf per day of natural gas production in the United States, a 9% increase from the previous quarter[30]. - Total oil reserves increased to 499.711 million barrels as of December 31, 2024, up from 379.125 million barrels at the end of 2023, reflecting a net increase of 31.7%[53]. - Total gas reserves reached 1.562 billion cubic feet by December 31, 2024, an increase of 2.1% from 1.530 billion cubic feet in 2023[55]. - The company reported total proved developed reserves of 969.097 million barrels of oil equivalent (Mboe) as of December 31, 2024, up from 807.480 Mboe in 2023, marking a growth of 20%[56]. Financial Position and Debt - APA's debt at year-end 2024 was $6 billion, with cash of $625 million, reflecting a net debt increase of only $300 million despite the Callon acquisition[8]. - Total debt decreased to $6,044 million in Q4 2024 from $6,372 million in Q3 2024, a reduction of 5%[48]. - Net debt as of December 31, 2024, was $5,419 million, down from $6,308 million in Q3 2024, indicating a decrease of 14%[48]. - Cash and cash equivalents increased significantly to $625 million in 2024 from $87 million in 2023, representing a growth of 618%[38]. - Total assets rose to $19,390 million in 2024, up from $15,244 million in 2023, marking an increase of 27%[38]. Capital Expenditure and Future Plans - APA plans a capital budget of $2.5 to $2.6 billion for 2025, including $200 million for the GranMorgu project and $100 million for exploration[11]. - The company aims to achieve $350 million in annual cost savings by the end of 2027 through various cost-reduction initiatives[13]. - Upstream capital investment, including noncontrolling interest in Egypt, was $650 million for Q4 2024, compared to $598 million in Q4 2023, reflecting an increase of 9%[40]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and reserve recovery[52]. Costs and Expenses - Total costs incurred in oil and gas property for the year ended December 31, 2024, were $7,862 million, significantly higher than $2,719 million in 2023, reflecting a growth of 189%[40]. - Exploration expenses totaled $313 million for the quarter, with dry hole expenses accounting for $201 million[34]. - The company incurred transaction, reorganization, and separation costs of $138 million for the year ended December 31, 2024, compared to $10 million in 2023[51]. - Loss on previously sold Gulf of America properties for the year was $213 million, compared to $167 million in 2023, indicating an increase of 27.5%[51]. Shareholder Returns - The company returned $599 million to shareholders in 2024, representing 71% of free cash flow[7]. - Common shares outstanding increased to 365 million at the end of 2024 from 304 million in 2023, representing a growth of 20%[38].

4Q24 Earnings Presentation INDUSTRY AND MARKET DATA The information, data and statistics contained herein are derived from various internal (including data that Sitio has internally collected) and external third-party sources. While Sitio believes such third-party information is reliable, there can be no assurance as to the accuracy or completeness of the indicated information. Sitio has not independently verified the accuracy or completeness of the information provided by third party sources. No representa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 1-40144 APA CORPORATION (Exact name of registrant as specified in its charter) Delaware 86-1430562 (State o ...

APA Corporation (NASDAQ:APA) Q3 2024 Earnings Conference Call November 7, 2024 11:00 AM ET Company Participants Gary Clark - Vice President, Investor Relations John Christmann - Chief Executive Officer Steve Riney - President & Chief Financial Officer Tracy Henderson - Executive Vice President, Exploration Conference Call Participants Doug Leggate - Wolfe research John Freeman - Raymond James Bob Brackett - Bernstein Research Roger Read - Wells Fargo Securities Paul Cheng - Scotiabank Neal Dingmann - Truist ...

Third-Quarter 2024 Financial and Operational Supplement November 6, 2024 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, pri ...

Exhibit 99.1 NEWS RELEASE Key Takeaways • Reported production of 467,000 barrels of oil equivalent (BOE) per day; adjusted production, excluding Egypt noncontrolling interest and tax barrels, was 395,000 BOE per day; • Announced final investment decision (FID) on 220,000 barrels per day oil development project in Suriname; • Streamlined Permian footprint with announcement of $950 million, non-core divestiture package; • Signed agreement that raises the contractual price for natural gas production in Egypt a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 1-40144 APA CORPORATION (Exact name of registrant as specified in its charter) Delaware 86-1430562 (State or oth ...

Financial Data and Key Metrics Changes - APA Corporation reported consolidated net income of $541 million, or $1.46 per diluted common share for Q2 2024, with adjusted net income of $434 million, or $1.17 per share after excluding certain items [14][15] - Free cash flow generated during the first half of the year was approximately $200 million, with $311 million returned to shareholders, nearly half through share repurchases [15] - The company anticipates a substantial increase in free cash flow for the second half of the year compared to the first half [13] Business Line Data and Key Metrics Changes - In the U.S., oil production volumes reached 139,500 barrels per day, up 67% from Q1 2024, largely due to the integration of Callon [6][10] - Oil now comprises 46% of total U.S. production following the Callon transaction, with cash flow sensitivity to a $5 per barrel change in oil price estimated at approximately $300 million annually [7][10] - Production in Egypt exceeded expectations, benefiting from new wells and improved recompletion results [7][11] Market Data and Key Metrics Changes - The North Sea operations experienced better-than-forecast facility runtime, contributing to higher production [8] - In Suriname, the company remains on track for a final investment decision (FID) before year-end 2024, with first oil expected in 2028 [8][55] - The company raised its full-year estimate of income from third-party oil and gas purchased and sold by $120 million to around $350 million, driven by favorable pricing differentials [20] Company Strategy and Development Direction - The integration of Callon is expected to yield annual cost synergies of $250 million, with operational synergies projected at $120 million annually [16][17] - The company is focused on improving capital efficiency and well performance on Callon acreage, with a preliminary estimate indicating a $1 million reduction in drilling costs per standardized two-mile lateral [9][36] - APA Corporation is committed to maintaining a strong balance sheet while balancing shareholder returns and capital expenditures [15][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational progress in Egypt and the U.S., with expectations for continued strong base production performance [11][12] - The company anticipates a strong oil growth trajectory in the second half of 2024, with increased production guidance for Q4 [10][12] - Management highlighted the importance of safety and environmental goals, as well as ongoing discussions regarding potential gas projects in Egypt [13][72] Other Important Information - The company is now subject to the U.S. alternative minimum tax, introducing new guidance for current U.S. tax accruals of $95 million for the year [20] - The Callon acquisition closed on April 1, 2024, and the full-year 2024 guidance reflects combined results from APA and Callon [4] Q&A Session Summary Question: CapEx run rate and future guidance - The CapEx run rate for Q4 is expected to be around $600 million, with a potential decline year-over-year [21][22] Question: Inventory depth post-Callon acquisition - Management is working on understanding inventory depth and believes productivity improvements could increase inventory visibility [24][25] Question: Rig count impact on production in Egypt - The reduction in rig count is expected to free up workover rig time, allowing for significant recompletion projects [28][29] Question: Shareholder return strategy - The company aims for at least 60% of free cash flow to be returned to shareholders through dividends and buybacks [38][39] Question: Future opportunities in Suriname - The company remains on track for FID in Suriname by year-end 2024, with ongoing collaboration with partners [55][56] Question: Alaska exploration activities - The company is excited about exploration opportunities in Alaska, particularly following the King Street Discovery [64][65]