Exhibit 99.1 NEWS RELEASE APA Corporation Announces Third-Quarter 2024 Financial and Operational Results 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 and incentivizes increased gas exploration and development activity; and • Returned $406 million of free cash flow to shareholders year-to-date through dividends and share buybacks. HOUSTON, Nov. 6, 2024 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the third quarter of 2024. APA reported a loss attributable to common stock of $223 million or $0.60 per diluted share, which was primarily driven by non-cash impairments of assets in the U.K. and assets held for sale in the Permian Basin. When adjusting for this and other items that impact the comparability of results, APA’s third-quarter earnings were $370 million, or $1.00 per diluted share. Net cash provided by operating activities was $1.3 billion, and adjusted EBITDAX was $1.6 billion. “Third-quarter results were strong across our operating areas, driven by higher-than-expected production and lower costs,” said John J. Christmann IV, APA’s CEO. “Adjusted global oil production exceeded the high-end of our guidance range and was up nearly 30% year-over-year. The integration of Callon is effectively complete, and we expect to capture most of the cost synergies by year-end. This, combined with the non-core Permian Basin asset sale, will significantly lower per unit costs as we move into next year. “We also achieved an important milestone in Suriname with the announcement of GranMorgu, the first offshore development in the country,” he said. “This large-scale project offers the best returns in APA’s portfolio, has a very low break-even oil price, and will contribute significant oil production and cash-flow growth beginning in 2028 and continuing for many years.” 1 APA CORPORATION ANNOUNCES THIRD-QUARTER 2024 FINANCIAL AND OPERATIONAL RESULTS — PAGE 2 of 5 Third-Quarter Summary Third-quarter reported production was 467,000 BOE per day. Adjusted production, excluding Egypt noncontrolling interest and tax barrels, was 395,000 BOE per day, approximately 2% ahead of guidance. A number of positive factors influenced the third-quarter results, including significant free cash flow from U.S. third-party gas trading activities and the Cheniere gas supply contract; cash flow resilience to lower oil prices in Egypt under the revised PSC structure; the successful integration of Callon and associated cost synergies; and organic oil production growth. As a result, APA’s third-quarter cash flow from operations and free cash flow increased when compared to the second quarter, despite lower commodity prices. Subsequent to quarter-end, the company received a credit rating increase to BBB- from Standard & Poor’s and has obtained investment grade status at all three rating agencies. During the quarter, APA reduced net debt by $275 million and returned $94 million of free cash flow to shareholders through dividends and share buybacks. 2024 Fourth-Quarter Capital and Production Guidance The company expects total fourth-quarter production on a BOE basis will be the highest of the year despite ongoing curtailments in the Permian Basin in response to weak regional natural gas prices. APA’s upstream capital investment in the fourth quarter is expected to be approximately $645 million, which includes $80 million of incremental capital for Suriname, Alaska and Egypt. 2025 Preliminary Capital Budget and Production Outlook In 2025, as a result of a softer oil price outlook, APA plans to reduce capital to $2.5 to $2.6 billion, of which, $200 million is allocated to Suriname development activity and $100 million to other exploration, primarily in Alaska. At this investment level, the company expects to run an eight-rig program in the Permian Basin and a 12-rig program in Egypt, which includes one rig dedicated to natural gas following the signing of a new gas pricing agreement. The company expects this program will roughly sustain adjusted oil production in the U.S. and Egypt, while delivering mid-single digit adjusted BOE growth. APA CORPORATION ANNOUNCES THIRD-QUARTER 2024 FINANCIAL AND OPERATIONAL RESULTS — PAGE 3 of 5 Conference Call APA will host a conference call to discuss its third-quarter 2024 results at 10 a.m. Central time, Thursday, Nov. 7. The conference call will be webcast from APA’s website at www.apacorp.com and investor.apacorp.com. 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 elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com . 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 http://www.apacorp.com/financialdata . 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 APA CORPORATION ANNOUNCES THIRD-QUARTER 2024 FINANCIAL AND OPERATIONAL RESULTS — PAGE 4 of 5 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. 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 APA’s Form 10-K for the year ended December 31, 2023, and in our quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission 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,” APA CORPORATION ANNOUNCES THIRD-QUARTER 2024 FINANCIAL AND OPERATIONAL RESULTS — PAGE 5 of 5 “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’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 available from APA at www.apacorp.com or by writing APA at: 2000 W. Sam Houston Pkwy S, Ste. 200, Houston, TX 77042 (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 www.sec.gov . Contacts Investor: (281) 302-2286 Gary Clark Media: (713) 296-7276 Alexandra Franceschi Website: www.apacorp.com Click here for the full release with quarterly financial statements. -end- APA CORPORATION STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) (In millions, except per share data) For the Quarter Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 REVENUES AND OTHER: Oil, natural gas, and natural gas liquids production revenues Oil revenues $ 1,797 $ 1,705 $ 5,136 $ 4,467 Natural gas revenues 103 236 414 658 Natural gas liquids revenues 158 138 457 375 2,058 2,079 6,007 5,500 Purchased oil and gas sales 473 229 1,018 612 Total revenues 2,531 2,308 7,025 6,112 Derivative instrument gain (loss), net (10 ) — (17 ) 104 Gain on divestitures, net 1 1 284 7 Loss on previously sold Gulf of Mexico properties — — (83 ) — Other, net 18 — 26 77 2,540 2,309 7,235 6,300 OPERATING EXPENSES: Lease operating expenses 418 394 1,216 1,076 Gathering, processing, and transmission 123 89 328 245 Purchased oil and gas costs 292 211 665 558 Taxes other than income 70 61 205 163 Exploration 29 49 248 144 General and administrative 92 139 270 276 Transaction, reorganization, and separation 14 5 156 11 Depreciation, depletion, and amortization: Oil and gas property and equipment 588 407 1,589 1,086 Other assets 7 11 24 31 Asset retirement obligation accretion 36 29 112 86 Impairments 1,111 — 1,111 46 Financing costs, net 100 81 276 235 2,880 1,476 6,200 3,957 NET INCOME (LOSS) BEFORE INCOME TAXES (340 ) 833 1,035 2,343 Current income tax provision 260 422 845 1,022 Deferred income tax benefit (461 ) (144 ) (503 ) (22 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS (139 ) 555 693 1,343 Net income attributable to noncontrolling interest 84 96 243 261 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (223 ) $ 459 $ 450 $ 1,082 NET INCOME (LOSS) PER COMMON SHARE: Basic $ (0.60 ) $ 1.49 $ 1.30 $ 3.50 Diluted $ (0.60 ) $ 1.49 $ 1.29 $ 3.50 WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 370 308 348 309 Diluted 370 308 348 309 DIVIDENDS DECLARED PER COMMON SHARE $ 0.25 $ 0.25 $ 0.75 $ 0.75 Page 1 APA CORPORATION PRODUCTION INFORMATION For the Quarter Ended % Change For the Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2023 3Q24 to 2Q24 3Q24 to 3Q23 September 30, 2024 September 30, 2023 OIL VOLUME - Barrels per day United States 143,299 139,361 83,584 3 % 71 % 122,138 77,198 Egypt (1, 2) 91,673 87,702 88,521 5 % 4 % 88,725 88,038 North Sea 21,334 26,586 35,680 -20 % -40 % 25,888 36,070 International (1) 113,007 114,288 124,201 -1 % -9 % 114,613 124,108 Total (1) 256,306 253,649 207,785 1 % 23 % 236,751 201,306 NATURAL GAS VOLUME - Mcf per day United States 467,615 510,708 454,643 -8 % 3 % 473,997 448,838 Egypt (1, 2) 300,418 273,077 300,326 10 % 0 % 287,953 331,158 North Sea 18,911 51,854 65,168 -64 % -71 % 41,042 47,665 International (1) 319,329 324,931 365,494 -2 % -13 % 328,995 378,823 Total (1) 786,944 835,639 820,137 -6 % -4 % 802,992 827,661 NGL VOLUME - Barrels per day United States 79,474 78,937 66,280 1 % 20 % 71,690 61,418 North Sea 543 1,550 1,497 -65 % -64 % 1,164 1,209 Total (1) 80,017 80,487 67,777 -1 % 18 % 72,854 62,627 BOE per day United States 300,709 303,416 225,639 -1 % 33 % 272,827 213,423 Egypt (1, 2) 141,742 133,215 138,575 6 % 2 % 136,718 143,231 North Sea 25,029 36,778 48,038 -32 % -48 % 33,892 45,222 International (1) 166,771 169,993 186,613 -2 % -11 % 170,610 188,453 Total (1) 467,480 473,409 412,252 -1 % 13 % 443,437 401,876 Total excluding noncontrolling interests 420,199 428,972 366,051 -2 % 15 % 397,832 354,094 (1) Includes net production volumes attributed to our noncontrolling partner in Egypt below: Oil (b/d) 30,579 29,255 29,514 29,596 29,369 Gas (Mcf/d) 100,210 91,094 100,122 96,054 110,476 BOE per day 47,281 44,437 46,201 45,605 47,782 (2) Egypt Gross Production Oil (b/d) 136,670 139,490 144,528 138,039 141,995 Gas (Mcf/d) 447,173 431,750 472,744 445,397 511,430 BOE per day 211,199 211,448 223,319 212,272 227,233 Page 2 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 % Change For the Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2023 3Q24 to 2Q24 3Q24 to 3Q23 September 30, 2024 September 30, 2023 OIL VOLUME - Barrels per day United States 143,299 139,361 83,584 3 % 71 % 122,138 77,198 Egypt 44,627 43,099 42,535 4 % 5 % 43,414 42,724 North Sea 21,334 26,586 35,680 -20 % -40 % 25,888 36,070 International 65,961 69,685 78,215 -5 % -16 % 69,302 78,794 Total 209,260 209,046 161,799 0 % 29 % 191,440 155,992 NATURAL GAS VOLUME - Mcf per day United States 467,615 510,708 454,643 -8 % 3 % 473,997 448,838 Egypt 145,190 133,184 143,211 9 % 1 % 139,860 159,648 North Sea 18,911 51,854 65,168 -64 % -71 % 41,042 47,665 International 164,101 185,038 208,379 -11 % -21 % 180,902 207,313 Total 631,716 695,746 663,022 -9 % -5 % 654,899 656,151 NGL VOLUME - Barrels per day United States 79,474 78,937 66,280 1 % 20 % 71,690 61,418 North Sea 543 1,550 1,497 -65 % -64 % 1,164 1,209 Total 80,017 80,487 67,777 -1 % 18 % 72,854 62,627 BOE per day United States 300,709 303,416 225,639 -1 % 33 % 272,827 213,423 Egypt 68,825 65,296 66,403 5 % 4 % 66,724 69,332 North Sea 25,029 36,778 48,038 -32 % -48 % 33,892 45,222 International 93,854 102,074 114,441 -8 % -18 % 100,616 114,554 Total 394,563 405,490 340,080 -3 % 16 % 373,443 327,977 Page 3 APA CORPORATION PRICE INFORMATION For the Quarter Ended For the Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 AVERAGE OIL PRICE PER BARREL United States $ 76.34 $ 80.54 $ 82.33 $ 78.16 $ 77.40 Egypt 79.88 84.30 88.99 82.41 82.04 North Sea 83.36 84.62 87.70 83.67 83.25 International 80.38 84.38 88.57 82.66 82.41 Total 78.06 82.28 86.15 80.31 80.50 AVERAGE NATURAL GAS PRICE PER MCF United States $ 0.16 $ 0.31 $ 2.12 $ 0.61 $ 1.87 Egypt 2.93 2.92 2.91 2.93 2.92 North Sea 9.76 10.61 10.98 9.89 12.83 International 3.30 4.09 4.36 3.75 4.15 Total 1.43 1.77 3.12 1.89 2.91 AVERAGE NGL PRICE PER BARREL United States $ 20.91 $ 21.22 $ 21.87 $ 22.20 $ 21.24 North Sea 45.93 43.43 42.78 46.47 47.58 Total 21.29 21.68 22.26 22.73 21.85 Page 4 APA CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited) (In millions) SUMMARY EXPLORATION EXPENSE INFORMATION For the Quarter Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Unproved leasehold impairments $ 1 $ 9 $ 11 $ 20 Dry hole expense 8 18 172 71 Geological and geophysical expense 6 1 22 3 Exploration overhead and other 14 21 43 50 $ 29 $ 49 $ 248 $ 144 SUMMARY CASH FLOW INFORMATION For the Quarter Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Net cash provided by operating activities $ 1,339 $ 764 $ 2,584 $ 2,099 Additions to upstream oil and gas property (930 ) (628 ) (2,153 ) (1,747 ) Leasehold and property acquisitions (1 ) (1 ) (64 ) (11 ) Proceeds from asset divestitures (5 ) 1 724 29 Proceeds from sale of Kinetik shares — — 428 — Other, net 81 (39 ) 58 (53 ) Net cash used in investing activities $ (855 ) $ (667 ) $ (1,007 ) $ (1,782 ) Proceeds from commercial paper and revolving credit facilities, net 127 6 190 202 Proceeds from term loan facility — — 1,500 — Payments on term loan facility (500 ) — (500 ) — Payment on Callon Credit Agreement — — (472 ) — Payments on fixed-rate debt — — (1,641 ) (65 ) Distributions to noncontrolling interest (110 ) (54 ) (233 ) (154 ) Treasury stock activity, net (2 ) (20 ) (146 ) (208 ) Dividends paid to APA common stockholders (92 ) (77 ) (260 ) (232 ) Other, net (3 ) 1 (38 ) (10 ) Net cash used in financing activities $ (580 ) $ (144 ) $ (1,600 ) $ (467 ) SUMMARY BALANCE SHEET INFORMATION September 30, 2024 December 31, 2023 Cash and cash equivalents $ 64 $ 87 Assets held for sale 1,091 — Other current assets 2,465 2,375 Property and equipment, net 12,601 10,038 Decommissioning security for sold Gulf of Mexico properties 21 21 Other assets 3,134 2,723 Total assets $ 19,376 $ 15,244 Current debt $ 2 $ 2 Liabilities held for sale 224 — Current liabilities 2,699 2,402 Long-term debt 6,370 5,186 Decommissioning contingency for sold Gulf of Mexico properties 759 764 Deferred credits and other noncurrent liabilities 3,162 3,199 APA shareholders’ equity 5,114 2,655 Noncontrolling interest 1,046 1,036 Total Liabilities and equity $ 19,376 $ 15,244 Common shares outstanding at end of period 370 304 Page 5 APA CORPORATION NON-GAAP FINANCIAL MEASURES (In millions, except per share data) Reconciliation of Costs incurred to Upstream capital investment 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Costs incurred in oil and gas property: Asset and leasehold acquisitions $ (2 ) $ 3 $ 4,554 $ 15 Exploration and development 959 569 2,546 1,725 Total Costs incurred in oil and gas property $ 957 $ 572 $ 7,100 $ 1,740 Reconciliation of Costs incurred to Upstream capital investment: Total Costs incurred in oil and gas property $ 957 $ 572 $ 7,100 $ 1,740 Property acquisitions 4 (1 ) (4,550 ) (1 ) Asset retirement obligations settled vs. incurred - oil and gas property (174 ) 7 (163 ) 20 Capitalized interest (8 ) (7 ) (22 ) (18 ) Exploration seismic and administration costs (20 ) (22 ) (65 ) (53 ) Upstream capital investment including noncontrolling interest - Egypt $ 759 $ 549 $ 2,300 $ 1,688 Less noncontrolling interest - Egypt (61 ) (75 ) (195 ) (203 ) Total Upstream capital investment $ 698 $ 474 $ 2,105 $ 1,485 Reconciliation of Net cash provided by operating activities to Cash flows from operations before changes in operating assets and liabilities and Free cash flow 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Net cash provided by operating activities $ 1,339 $ 764 $ 2,584 $ 2,099 Changes in operating assets and liabilities (221 ) 161 428 440 Cash flows from operations before changes in operating assets and liabilities $ 1,118 $ 925 $ 3,012 $ 2,539 Adjustments to free cash flow: Upstream capital investment including noncontrolling interest - Egypt (759 ) (549 ) (2,300 ) (1,688 ) Decommissioning spend on previously sold Gulf of Mexico properties (10 ) — (39 ) — Non oil and gas capital investment (20 ) (15 ) (19 ) (24 ) Distributions to Sinopec noncontrolling interest (110 ) (54 ) (233 ) (154 ) Free cash flow $ 219 $ 307 $ 421 $ 673 Reconciliation of Net cash provided by operating activities to Adjusted EBITDAX 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 Nine Months Ended September 30, June 30, September 30, September 30, 2024 2024 2023 2024 2023 Net cash provided by operating activities $ 1,339 $ 877 $ 764 $ 2,584 $ 2,099 Adjustments: Exploration expense other than dry hole expense and unproved leasehold impairments 20 30 22 65 53 Current income tax provision 260 285 422 845 1,022 Other adjustments to reconcile net income to net cash provided by operating activities 45 (21 ) (22 ) 14 45 Changes in operating assets and liabilities (221 ) 190 161 428 440 Financing costs, net 100 100 81 276 244 Transaction, reorganization & separation costs 14 115 5 156 11 Adjusted EBITDAX (Non-GAAP) $ 1,557 $ 1,576 $ 1,433 $ 4,368 $ 3,914 Page 6 APA CORPORATION NON-GAAP FINANCIAL MEASURES (In millions) Reconciliation of debt to net debt 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. September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Current debt $ 2 $ 2 $ 2 $ 2 Long-term debt 6,370 6,741 5,178 5,186 Total debt 6,372 6,743 5,180 5,188 Cash and cash equivalents 64 160 102 87 Net debt $ 6,308 $ 6,583 $ 5,078 $ 5,101 Reconciliation of Income attributable to common stock to Adjusted earnings 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 September 30, 2024 For the Quarter Ended September 30, 2023 Before Tax Tax Impact After Tax Diluted EPS Before Tax Tax Impact After Tax Diluted EPS Net income (loss) including noncontrolling interests (GAAP) $ (340 ) $ 201 $ (139 ) $ (0.38 ) $ 833 $ (278 ) $ 555 $ 1.80 Income attributable to noncontrolling interests 152 (68 ) 84 0.22 171 (75 ) 96 0.31 Net income (loss) attributable to common stock (492 ) 269 (223 ) (0.60 ) 662 (203 ) 459 1.49 Adjustments:* Asset and unproved leasehold impairments 1,112 (540 ) 572 1.53 9 (6 ) 3 0.01 Valuation allowance and other tax adjustments — — — — — (93 ) (93 ) (0.30 ) Unrealized derivative instrument loss 13 (3 ) 10 0.03 19 (3 ) 16 0.05 Kinetik equity investment mark-to-market gain — — — — 28 (6 ) 22 0.07 Transaction, reorganization & separation costs 14 (2 ) 12 0.04 5 (1 ) 4 0.01 Gain on divestitures, net (1 ) — (1 ) — (1 ) — (1 ) — Adjusted earnings (Non-GAAP) $ 646 $ (276 ) $ 370 $ 1.00 $ 722 $ (312 ) $ 410 $ 1.33 For the Nine Months Ended September 30, 2024 For the Nine Months Ended September 30, 2023 Before Tax Tax Impact After Tax Diluted EPS Before Tax Tax Impact After Tax Diluted EPS Net income including noncontrolling interests (GAAP) $ 1,035 $ (342 ) $ 693 $ 1.99 $ 2,343 $ (1,000 ) $ 1,343 $ 4.34 Income attributable to noncontrolling interests 441 (198 ) 243 0.70 465 (204 ) 261 0.84 Net income attributable to common stock 594 (144 ) 450 1.29 1,878 (796 ) 1,082 3.50 Adjustments:* Asset and unproved leasehold impairments 1,122 (542 ) 580 1.66 66 (46 ) 20 0.07 Valuation allowance and other tax adjustments — 16 16 0.05 — 7 7 0.02 Gain on extinguishment of debt — — — — (9 ) 2 (7 ) (0.02 ) Unrealized derivative instrument (gain) loss 18 (4 ) 14 0.04 (61 ) 13 (48 ) (0.15 ) Loss on previously sold Gulf of Mexico properties 83 (18 ) 65 0.19 — — — — Kinetik equity investment mark-to-market (gain) loss 9 — 9 0.03 (17 ) 4 (13 ) (0.05 ) Drilling contract termination charges — — — — 13 (10 ) 3 0.01 Transaction, reorganization & separation costs 156 (27 ) 129 0.37 11 (3 ) 8 0.02 Gain on divestitures, net (284 ) 62 (222 ) (0.64 ) (7 ) 1 (6 ) (0.02 ) Adjusted Earnings (Non-GAAP) $ 1,698 $ (657 ) $ 1,041 $ 2.99 $ 1,874 $ (828 ) $ 1,046 $ 3.38 * The income tax effect of the reconciling items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides. 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the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.