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 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, recently filed Quarterly Reports on Form 10-Q, recently 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 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, guidance, outlook, 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, upside, 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, 2017, 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 Certain information may be provided in this presentation that includes financial measurements that are not required by, or presented in accordance with, generally accepted accounting principles (GAAP). These non-gaap measures should not be considered as alternatives to GAAP measures, such as net income or net cash provided by operating activities, and may be calculated differently from, and therefore may not be comparable to, similarly titled measures used at other companies. For a reconciliation to the most directly comparable GAAP financial measures, please refer to Apache s first quarter 2018 earnings release at None of the information contained in this document has been audited by any independent auditor. This presentation is prepared as a convenience for securities analysts and investors and may be useful as a reference tool. Apache may elect to modify the format or discontinue publication at any time, without notice to securities analysts or investors. 2

3 OUTLINE Creating Long-Term Value 2017 & YTD 2018 Highlights Region Overview Strategic Objectives Sustainability & Safety Spotlight Employee Awards 3

4 CREATING LONG-TERM VALUE Disciplined Financial Approach Strategically Balanced Portfolio Full-Cycle, Corporate- Level Returns Focus Preserve dividend and credit rating, reduce debt; no equity dilution Pursue scalable, low entry-cost opportunities to drive long-term value and returns growth Invest for returnsfocused growth in Permian Basin Continue to generate strong free cash flow in Egypt, North Sea and other Lower 48 Maintain rigorous capital allocation and planning process Base investment decisions on fullyburdened economics 4

5 APACHE TODAY UNITED STATES Permian driving growth & returns Optionality in SCOOP/STACK & Eagle Ford EGYPT Significant free cash flow preparing for next leg of growth NORTH SEA High margins, high returns, free cash flow SURINAME High impact SURSINEMA oil exploration Streamlined Portfolio 5

6 LEVERAGING TECHNOLOGY Apache s focus on innovation and harnessing the power of data are driving operational improvements and increased capital efficiencies SIMULTANEOUS SEISMIC SOURCES EXTENSIVE WATER RECYCLING TECHNOLOGIES REMOTE OPERATIONS CENTERS CHARACTERIZING THE SUBSURFACE STIMULATION INSIGHTS DATA ANALYTICS EXTENSIVE RESERVOIR MODELING DRILLING INTELLIGENCE 6

7 2017 HIGHLIGHTS Outperformed key health, safety and environmental targets Streamlined and strengthened portfolio Strategic exit from Canada $1.4 billion in proceeds from non-core asset/acreage sales 124% reserve replacement through net extensions & discoveries Delivered in the Permian Basin Achieved record production in 4Q 2017 Expanded Midland Basin inventory through strategic testing Increased Alpine High drilling inventory to more than 5,000 locations Built Large-scale foundational midstream asset in Delaware Basin 7

8 STRONG START TO 2018 US: Exceeding 1Q production targets; raising full-year guidance Outstanding results across portfolio Oil volumes up 10% year over year Secured significant oil, gas and NGL pipeline access to Gulf Coast from Permian International: Delivering significant free cash flow Announced Garten discovery in North Sea Completed seismic processing on Block 58 in Suriname Advancing extensive broadband 3-D seismic survey in Egypt 8

9 UNITED STATES: ONSHORE FOCUS Permian-driven growth & returns ~70% of capital budget over next 3 years Optionality outside Permian SCOOP / STACK: ~45,000 net acres Eagle Ford: ~250,000 net acres United States Onshore A 2018E 2019E 2020E 9

10 PERMIAN BASIN: RETURNS-FOCUSED GROWTH Midland & Delaware Basins Efficiencies driving shorter cycle times and lower costs Expanding inventory with strategic testing Alpine High Production ramping, well costs decreasing Investing in value-adding processing & transportation New Mexico 160 Mboe/d Production & Rig Count Avg Rig Count MM Net Acres in the Permian Basin 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 10

11 EGYPT Preparing for Future Growth New concessions expand acreage position by 40 percent (1.6 million acres) Apache Egypt Acreage MEDITERRANEAN SEA Drilling program expected to commence in the second half of 2018 High-density seismic program (2.6 million acres) 3-D survey covers 4 basins; ~ 30% complete State-of-the-art technology provides improved fault definition and enhanced deep imaging 11

12 STATE OF THE ART 3-D Dramatic Improvement in Sub-Surface Imaging 2013 Vintage Seismic 2018 Vintage Seismic 12

13 NORTH SEA High Margins, High Returns, Free Cash Flow Strong leverage to premium Brent crude pricing Multi-year inventory of near-field exploration targets Forties: Oil prone, stable production Beryl: Exploratory upside Garten discovery 10+ million barrels of light oil Quick tieback initial production 1Q

14 SURINAME: HIGH IMPACT OIL EXPLORATION Massive acreage blocks near proven oil province Block 58 seismic processing complete, identifying and ranking prospects Exploration well to spud on Block 58 by year-end 2019 Block 58 Block MM acres 0.87 MM acres 14

15 STRATEGIC OBJECTIVES 2018 AND BEYOND INTERNATIONAL Sustain Free Cash Flow Capacity from Egypt & North Sea ALPINE HIGH Execute Joint Venture for Alpine High Midstream in 2018 Transition to Full-Field Development at Alpine High APACHE GLOBAL Develop & Accelerate Energy Technology Strategies Continually Assess & Actively Manage Portfolio Achieve Long-Term, Sustainable Double-Digit ROCE 15

16 FOCUS ON SUSTAINABILITY REDUCING CHEMICALS Apache is developing innovative operational approaches that deliver environmental, social and financial returns. HIRING LOCALLY MITIGATING METHANE EMISSIONS EMPHASIZING SAFETY 16

17 SAFETY VIDEO Click to launch or switcher? Click to add Subtitle 17

18 IN MEMORIUM Lorraine to create slide Click to add Subtitle 18

19 2018 APACHE ANNUAL AWARDS Click to add Subtitle 19

20 2018 PRESIDENT S AWARD Click to add Subtitle 20

21 2018 PRESIDENT S AWARD WINNER Insert Jamie Sutton s award photo here Click to add Subtitle 21

22 2018 INNOVATION AWARD Click to add Subtitle 22

23 2018 INNOVATION AWARD WINNER Click to add Subtitle 23

24 2018 DIAMOND AWARD Click to add Subtitle 24

25 2018 DIAMOND AWARD WINNER Click to add Subtitle 25

26 2018 HEART OF APACHE AWARD Click to add Subtitle 26

27 2018 HEART OF APACHE AWARD WINNER Click to add Subtitle 27

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