FORWARD-LOOKING STATEMENTS

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2 FORWARD-LOOKING STATEMENTS Certain statements in this presentation contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 including, without limitation, expectations, beliefs, plans and objectives regarding anticipated financial and operating results, asset divestitures, estimated reserves, drilling locations, capital expenditures, price estimates, typical well results and well profiles, type curve, and production and operating expense guidance included in this presentation. Any matters that are not historical facts are forward looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q, recent filed Current Reports on Form 8-K available on our website, and in our other public filings and press releases. These forward-looking statements are based on Apache Corporation s (Apache) current expectations, estimates and projections about the company, its industry, its management s beliefs and certain assumptions made by management. No assurance can be given that such expectations, estimates or projections will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this presentation, including, Apache s ability to meet its production targets, successfully manage its capital expenditures and to complete, test and produce the wells and prospects identified in this presentation; to successfully plan, secure necessary government approvals, finance, build and operate the necessary infrastructure and LNG plants; and to achieve its production and budget expectations on its projects. Whenever possible, these forward-looking statements are identified by words such as expects, believes, anticipates, projects, and similar phrases. Because such statements involve risks and uncertainties, Apache 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 Apache 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. Apache may use certain terms in this presentation, such as resource, resource potential, net resource potential, potential resource, resource base, identified resources, potential net recoverable, potential reserves, unbooked resources, economic resources, net resources, undeveloped resource, net risked resources, inventory and other similar terms that the SEC guidelines strictly prohibit Apache 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 s Annual Report on Form 10- K for the fiscal year ended December 31, 2014, available from Apache at or by writing Apache at: 2000 Post Oak Blvd., Suite 100, Houston, Texas (Attn: Corporate Secretary). You can also obtain this report from the SEC by calling SEC-0330 or from the SEC's website at 2

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5 STRATEGIC VISION 5

6 COMPLEMENTARY INTERNATIONAL ASSETS 6

7 PORTFOLIO TRANSFORMATION: ASSETS WTI Oil Price $145 $125 $105 $ ~$17 Bn Acquired 4 5 ~$17 Bn Divested $65 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan WTI Oil Natural Gas Henry Hub Gas Price 10 $7 $5 $3 $1 Major Acquisitions (Date Announced) Major Divestments (Date Announced) Devon GOM Shelf (April 2010) Mariner GOM, Permian (April 2010) BP Permian, Canada, Egypt (July 2010) Exxon North Sea Beryl Field (September 2011) Cordillera Anadarko Basin (January 2012) GOM Shelf (July 2013) Non-Core Canada (August 2013) Egypt JV (August 2013) Non-Core Canada (September 2013) Argentina (February 2014) Non-Core Canada (March 2014) Deep GOM: Lucius & Heidelberg (May 2014) Non-Core S. LA and Anadarko Basin (Nov. 2014) Kitimat & Wheatstone LNG (Dec 2014) Australian Non-LNG Upstream (April 2015) 7

8 PORTFOLIO TRANSFORMATION: PRODUCTION 2009 Production (1) Pro Forma 1Q 2015 Production (2) International & GOM International & GOM 34% N.A. Onshore 64% N.A. Onshore 537 MBOE/D 50% Liquids 478 MBOE/D 65% Liquids N.A. Onshore International & GOM (1) Note: 2009 production represents reported volumes less Egypt tax barrels reported volumes were 583 MBOE/D. (2) 1Q 2015 pro forma production represents reported volumes less Australia and North Sea Scott-Telford divestments, Egypt tax barrels and noncontrolling interest. 1Q 2015 reported volumes were 601 MBOE/D. 8

9 APACHE TODAY Streamlined Portfolio Production: 64% NA Onshore, 36% International + GOM (1) Reserves: 78% NA Onshore, 22% International + GOM (2) Primarily levered to oil and liquids Exposure % of Production Oil and Liquids 65% North American Gas 25% International Gas 10% Deep inventory of oily North American drilling opportunities Strong free cash flow and portfolio diversification benefits from Brent-linked Egypt and North Sea Anticipate exiting 2015 with one of the strongest balance sheets in the large-cap independent E&P peer group (1) Production represents 1Q 2015 reported volumes less Australia and North Sea Scott-Telford divestments, Egypt tax barrels and noncontrolling interest. (2) Reserves represent year-end 2014 reported volumes less Australian, Canadian Kitimat and North Sea Scott-Telford divestments announced and or closed during

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11 POSITIONING FOR SUCCESS Establishing medium and long-term field development plans under three price scenarios 140 Avg. Global Rig Count 126 Continuing to attack the cost structure G&A, LOE and Capex Consolidating and high-grading acreage Preparing balance sheet to be opportunistic 40 3Q '14 4Q '14 1Q '15 Future changes in activity levels will be cash flow driven! 11

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