Exhibit 99.1 NEWS RELEASE APA Corporation Announces Fourth-Quarter and Full-Year 2024 Financial and Operational Results 2024 Highlights • Delivered full-year net cash provided by operating activities of $3.6 billion, adjusted EBITDAX of $5.9 billion, and $841 million of free cash flow (FCF); • Returned $599 million to shareholders or 71% of FCF; • Transformed Permian portfolio through the acquisition of Callon Petroleum Company and the sale of conventional Central Basin Platform assets; realized an initial 22% reduction in breakeven oil price on Callon Delaware acreage; • Achieved final investment decision for the GranMorgu Phase 1 project in Suriname Block 58 with partner TotalEnergies; and • Signed a new gas price agreement in Egypt, bringing gas-focused investment to economic parity with oil. 2025 Outlook • Planning upstream capital budget of $2.5 to $2.6 billion; includes $200 million for GranMorgu development and $100 million for exploration; • Total adjusted production expected to be 396,000 barrels of oil equivalent (BOE) per day; 3% higher than 2024; • Implementing cost-saving initiatives across overhead, lease operating expense (LOE) and capital, targeting $350 million in run-rate savings by year-end 2027; and • Committed to returning at least 60% of FCF to shareholders. HOUSTON, Feb. 26, 2025 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the fourth quarter and full-year 2024. In the fourth quarter, APA reported net income attributable to common stock of $354 million or $0.96 per diluted common share. When adjusting for items that impact the comparability of results, APA’s fourth-quarter earnings were $290 million, or $0.79 per diluted share. Net cash provided by operating activities was $1.0 billion, and adjusted EBITDAX was $1.6 billion. Fourth-quarter reported production was 488,000 BOE per day. Adjusted production, excluding Egypt noncontrolling interest and tax barrels, was 418,000 BOE per day. For the full-year 2024, APA reported net income attributable to common stock of $804 million, or $2.27 per diluted common share. On an adjusted basis, APA’s 2024 earnings totaled $1.3 billion or $3.77 per diluted common share. Reported full-year production was 455,000 BOE per day; adjusted production was 385,000 BOE per day. Full-year net cash provided by operating activities was $3.6 billion, and adjusted EBITDAX was $5.9 billion. Page 1 of 5 APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2024 FINANCIAL AND OPERATIONAL RESULTS During the year, APA generated $841 million of free cash flow, repurchased $246 million of common stock, and paid $353 million in dividends. The company ended the year with debt of $6 billion and cash of $625 million, an increase in net debt of only $300 million from the end of 2023, despite adding over $2 billion of debt with the Callon acquisition. CEO Commentary “Over the last several years, APA has been strategically reshaped in numerous ways. We have enhanced the quality and sustainability of the portfolio in our core areas of the Permian Basin and the Western Desert of Egypt, while also building optionality through a differentiated exploration strategy,” said John J. Christmann IV, APA’s chief executive officer. “In 2024, we continued this momentum with the acquisition of Callon, the final investment decision for the GranMorgu project in Suriname, and the new gas agreement in Egypt. These actions have further strengthened our portfolio and improved the quality of our investment opportunities, positioning APA for long-term growth and success. We have assembled a large-scale unconventional position in the Permian Basin, surpassing many of our pure-play peers. In addition, we made further progress on strengthening our balance sheet, achieving investment-grade status with all three rating agencies.” 2025 Capital Budget and Outlook In 2025, APA plans to invest $2.5 to $2.6 billion in upstream oil and gas capital. This includes $200 million toward progressing the GranMorgu project in Suriname and $100 million for exploration activities, predominantly in Alaska. Total company adjusted production is expected to be relatively flat year-over-year at around 396,000 BOE per day. U.S. oil volumes should stay relatively consistent at 125,000 to 127,000 barrels of oil per day, and gas volumes will benefit from no price-related curtailments. In Egypt, gross production is expected to decline modestly, while adjusted volumes should grow slightly year-over-year, to 69,000 BOE per day compared to 67,500 BOE per day in 2024. Page 2 of 5 APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2024 FINANCIAL AND OPERATIONAL RESULTS “Our 2025 plan builds on the progress achieved in 2024,” continued Christmann. “Through inventory expansion in the Permian Basin and the renegotiation of both oil and gas economics in Egypt, we have positioned our core producing portfolio to deliver steady and predictable production. We expect to run eight rigs in the Permian and 12 rigs in Egypt, leading to a slight increase year-over-year in Permian and adjusted Egypt volumes. This activity set translates to a combined development capital budget for Permian and Egypt of $2.2-$2.3 billion, 17% lower than 2024 development capital when adjusting for Callon’s first-quarter 2024 spend.” Additionally, APA is undertaking significant cost reduction initiatives aimed at streamlining the business and improving operating practices. The company is targeting at least $350 million in sustainable annual savings by the end of 2027 across LOE, capital and overhead. “Our cost reduction efforts follow the strategic realignment of our portfolio over the last few years. Our objective is to return our cost structure to a leading position by streamlining every aspect of the business while enhancing the predictability and delivery of our long-term plan. We are confident that our disciplined approach to capital allocation and rigorous cost management will underpin strong free cash flow growth over the next few years, which will be further bolstered by the GranMorgu project in Suriname, with first oil in 2028,” Christmann concluded. Year-End 2024 Proved Reserves Worldwide estimated proved reserves totaled 969 million BOE at year-end 2024, 69% of which were classified as proved developed. Conference Call APA will host a conference call to discuss its fourth-quarter and full-year 2024 results at 10 a.m. Central time, Thursday, Feb. 27. 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 . Page 3 of 5 APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2024 FINANCIAL AND OPERATIONAL RESULTS 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 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 Page 4 of 5 APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2024 FINANCIAL AND OPERATIONAL 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 (and in APA’s Form 10-K for the year ended December 31, 2024, when filed) 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’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 and in APA’s Form 10-K for the year ended December 31, 2024, when filed, 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 Media: (713) 296-7276 Website: www.apacorp.com APA-F -end- Page 5 of 5 APA CORPORATION STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) (In millions, except per share data) For the Quarter Ended For the Year Ended December 31, December 31, 2024 2023 2024 2023 REVENUES AND OTHER: Oil, natural gas, and natural gas liquids production revenues Oil revenues $ 1,830 $ 1,530 $ 6,966 $ 5,997 Natural gas revenues 170 222 584 880 Natural gas liquids revenues 189 133 646 508 2,189 1,885 8,196 7,385 Purchased oil and gas sales 523 282 1,541 894 Total revenues 2,712 2,167 9,737 8,279 Derivative instrument gain (loss), net 7 (5 ) (10 ) 99 Gain on divestitures, net 5 1 289 8 Loss on previously sold Gulf of America properties (190 ) (212 ) (273 ) (212 ) Other, net (32 ) (59 ) (6 ) 18 2,502 1,892 9,737 8,192 OPERATING EXPENSES: Lease operating expenses 474 360 1,690 1,436 Gathering, processing, and transmission 104 89 432 334 Purchased oil and gas costs 382 184 1,047 742 Taxes other than income 65 44 270 207 Exploration 65 51 313 195 General and administrative 102 75 372 351 Transaction, reorganization, and separation 12 4 168 15 Depreciation, depletion, and amortization: Oil and gas property and equipment 646 414 2,235 1,500 Other assets 7 9 31 40 Asset retirement obligation accretion 36 30 148 116 Impairments 18 15 1,129 61 Financing costs, net 91 77 367 312 2,002 1,352 8,202 5,309 NET INCOME BEFORE INCOME TAXES 500 540 1,535 2,883 Current income tax provision 308 316 1,153 1,338 Deferred income tax benefit (233 ) (1,640 ) (736 ) (1,662 ) NET INCOME INCLUDING NONCONTROLLING INTERESTS 425 1,864 1,118 3,207 Net income attributable to noncontrolling interest 71 91 314 352 NET INCOME ATTRIBUTABLE TO COMMON STOCK $ 354 $ 1,773 $ 804 $ 2,855 NET INCOME PER COMMON SHARE: Basic $ 0.96 $ 5.79 $ 2.28 $ 9.26 Diluted $ 0.96 $ 5.78 $ 2.27 $ 9.25 WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 369 306 353 308 Diluted 369 307 353 309 DIVIDENDS DECLARED PER COMMON SHARE $ 0.25 $ 0.25 $ 1.00 $ 1.00 Page 1 APA CORPORATION PRODUCTION INFORMATION For the Quarter Ended % Change For the Year Ended December 31, September 30, December 31, 4Q24 to 4Q24 to December 31, December 31, 2024 2024 2023 3Q24 4Q23 2024 2023 OIL VOLUME - Barrels per day United States 147,573 143,299 83,909 3% 76% 128,531 78,889 Egypt (1, 2) 89,927 91,673 92,365 -2% -3% 89,027 89,129 North Sea 27,683 21,334 30,748 30% -10% 26,340 34,728 International (1) 117,610 113,007 123,113 4% -4% 115,367 123,857 Total (1) 265,183 256,306 207,022 3% 28% 243,898 202,746 NATURAL GAS VOLUME - Mcf per day United States 511,587 467,615 462,498 9% 11% 483,446 452,281 Egypt (1, 2) 300,118 300,418 309,814 0% -3% 291,011 325,778 North Sea 36,842 18,911 58,054 95% -37% 39,986 50,284 International (1) 336,960 319,329 367,868 6% -8% 330,997 376,062 Total (1) 848,547 786,944 830,366 8% 2% 814,443 828,343 NGL VOLUME - Barrels per day United States 80,390 79,474 67,679 1% 19% 73,877 62,997 North Sea 1,311 543 1,335 141% -2% 1,201 1,240 Total (1) 81,701 80,017 69,014 2% 18% 75,078 64,237 BOE per day United States 313,227 300,709 228,671 4% 37% 282,983 217,266 Egypt (1, 2) 139,947 141,742 144,001 -1% -3% 137,529 143,425 North Sea 35,134 25,029 41,758 40% -16% 34,204 44,349 International (1) 175,081 166,771 185,759 5% -6% 171,733 187,774 Total (1) 488,308 467,480 414,430 4% 18% 454,716 405,040 Total excluding noncontrolling interests 441,618 420,199 366,352 5% 21% 408,838 357,184 (1) Includes net production volumes attributed to our noncontrolling partner in Egypt below: Oil (b/d) 30,002 30,579 30,837 29,698 29,739 Gas (Mcf/d) 100,127 100,210 103,443 97,078 108,703 BOE per day 46,690 47,281 48,078 45,878 47,856 (2) Egypt Gross Production Oil (b/d) 134,504 136,670 141,953 137,150 141,985 Gas (Mcf/d) 438,052 447,173 466,403 443,551 500,080 BOE per day 207,513 211,199 219,687 211,075 225,332 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 Year Ended December 31, 2024 September 30, 2024 December 31, 2023 4Q24 to 3Q24 4Q24 to 4Q23 December 31, 2024 December 31, 2023 OIL VOLUME - Barrels per day United States 147,573 143,299 83,909 3% 76% 128,531 78,889 Egypt 45,017 44,627 45,204 1% 0% 43,817 43,349 North Sea 27,683 21,334 30,748 30% -10% 26,340 34,728 International 72,700 65,961 75,952 10% -4% 70,157 78,077 Total 220,273 209,260 159,861 5% 38% 198,688 156,966 NATURAL GAS VOLUME - Mcf per day United States 511,587 467,615 462,498 9% 11% 483,446 452,281 Egypt 149,816 145,190 150,212 3% 0% 142,363 157,269 North Sea 36,842 18,911 58,054 95% -37% 39,986 50,284 International 186,658 164,101 208,266 14% -10% 182,349 207,553 Total 698,245 631,716 670,764 11% 4% 665,795 659,834 NGL VOLUME - Barrels per day United States 80,390 79,474 67,679 1% 19% 73,877 62,997 North Sea 1,311 543 1,335 141% -2% 1,201 1,240 Total 81,701 80,017 69,014 2% 18% 75,078 64,237 BOE per day United States 313,227 300,709 228,671 4% 37% 282,983 217,266 Egypt 69,986 68,825 70,239 2% 0% 67,544 69,561 North Sea 35,134 25,029 41,758 40% -16% 34,204 44,349 International 105,120 93,854 111,997 12% -6% 101,748 113,910 Total 418,347 394,563 340,668 6% 23% 384,731 331,176 Page 3 APA CORPORATION PRICE INFORMATION For the Quarter Ended For the Year Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 AVERAGE OIL PRICE PER BARREL United States $ 70.38 $ 76.34 $ 79.04 $ 75.92 $ 77.84 Egypt 74.54 79.88 83.67 80.41 82.47 North Sea 75.42 83.36 80.70 80.74 82.75 International 74.80 80.38 82.98 80.48 82.55 Total 72.42 78.06 81.36 78.08 80.72 AVERAGE NATURAL GAS PRICE PER MCF United States $ 1.01 $ 0.16 $ 1.62 $ 0.71 $ 1.80 Egypt 2.97 2.93 2.89 2.94 2.91 North Sea 14.40 9.76 13.46 10.84 13.02 International 4.03 3.30 4.56 3.82 4.25 Total 2.20 1.43 2.92 1.97 2.91 AVERAGE NGL PRICE PER BARREL United States $ 24.52 $ 20.91 $ 19.82 $ 22.83 $ 20.85 North Sea 50.65 45.93 48.16 47.59 47.77 Total 25.08 21.29 20.70 23.37 21.54 Page 4 APA CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited) (In millions) SUMMARY EXPLORATION EXPENSE INFORMATION For the Quarter Ended For the Year Ended December 31, December 31, 2024 2023 2024 2023 Unproved leasehold impairments $ 24 $ 2 $ 35 $ 22 Dry hole expense 29 21 201 92 Geological and geophysical expense — 16 21 19 Exploration overhead and other 12 12 56 62 $ 65 $ 51 $ 313 $ 195 SUMMARY CASH FLOW INFORMATION For the Quarter Ended For the Year Ended December 31, December 31, 2024 2023 2024 2023 Net cash provided by operating activities $ 1,036 $ 1,030 $ 3,620 $ 3,129 Additions to upstream oil and gas property (698 ) (575 ) (2,851 ) (2,313 ) Leasehold and property acquisitions 4 — (60 ) (44 ) Proceeds from asset divestitures 885 — 1,609 29 Proceeds from sale of Kinetik shares — 228 428 228 Other, net (108 ) (9 ) (50 ) (38 ) Net cash provided by (used in) investing activities $ 83 $ (356 ) $ (924 ) $ (2,138 ) Payments on commercial paper and revolving credit facilities, net (230 ) (396 ) (40 ) (194 ) Proceeds from term loan facility — — 1,500 — Payments on term loan facility (100 ) — (600 ) — Payment on Callon Credit Agreement — — (472 ) — Payments on fixed-rate debt — — (1,641 ) (65 ) Distributions to noncontrolling interest (35 ) (84 ) (268 ) (238 ) Treasury stock activity, net (100 ) (121 ) (246 ) (329 ) Dividends paid to APA common stockholders (93 ) (76 ) (353 ) (308 ) Other, net — (5 ) (38 ) (15 ) Net cash used in financing activities $ (558 ) $ (682 ) $ (2,158 ) $ (1,149 ) SUMMARY BALANCE SHEET INFORMATION December 31, December 31, 2024 2023 Cash and cash equivalents $ 625 $ 87 Other current assets 2,779 2,375 Property and equipment, net 12,646 10,038 Decommissioning security for sold Gulf of America properties 21 21 Other assets 3,319 2,723 Total assets $ 19,390 $ 15,244 Current debt $ 53 $ 2 Current liabilities 2,902 2,402 Long-term debt 5,991 5,186 Decommissioning contingency for sold Gulf of America properties 929 764 Deferred credits and other noncurrent liabilities 3,153 3,199 APA shareholders’ equity 5,280 2,655 Noncontrolling interest 1,082 1,036 Total Liabilities and equity $ 19,390 $ 15,244 Common shares outstanding at end of period 365 304 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 For the Year Ended December 31, December 31, 2024 2023 2024 2023 Costs incurred in oil and gas property: Asset and leasehold acquisitions $ 10 $ 10 $ 4,564 $ 25 Exploration and development 752 969 3,298 2,694 Total Costs incurred in oil and gas property $ 762 $ 979 $ 7,862 $ 2,719 Reconciliation of Costs incurred to Upstream capital investment: Total Costs incurred in oil and gas property $ 762 $ 979 $ 7,862 $ 2,719 Property acquisitions (12 ) — (4,562 ) (1 ) Asset retirement obligations settled vs. incurred - oil and gas property (81 ) (347 ) (244 ) (327 ) Capitalized interest (7 ) (6 ) (29 ) (24 ) Exploration seismic and administration costs (12 ) (28 ) (77 ) (81 ) Upstream capital investment including noncontrolling interest - Egypt $ 650 $ 598 $ 2,950 $ 2,286 Less noncontrolling interest - Egypt (58 ) (78 ) (253 ) (281 ) Total Upstream capital investment $ 592 $ 520 $ 2,697 $ 2,005 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 For the Year Ended December 31, December 31, 2024 2023 2024 2023 Net cash provided by operating activities $ 1,036 $ 1,030 $ 3,620 $ 3,129 Changes in operating assets and liabilities 107 (23 ) 535 417 Cash flows from operations before changes in operating assets and liabilities $ 1,143 $ 1,007 $ 4,155 $ 3,546 Adjustments to free cash flow: Upstream capital investment including noncontrolling interest—Egypt (650 ) (598 ) (2,950 ) (2,286 ) Decommissioning spend on previously sold Gulf of America properties (24 ) — (63 ) — Non oil and gas capital investment (14 ) (33 ) (33 ) (57 ) Distributions to Sinopec noncontrolling interest (35 ) (84 ) (268 ) (238 ) Free cash flow $ 420 $ 292 $ 841 $ 965 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 Year Ended December 31, September 30, December 31, December 31, 2024 2024 2023 2024 2023 Net cash provided by operating activities $ 1,036 $ 1,339 $ 1,030 $ 3,620 $ 3,129 Adjustments: Exploration expense other than dry hole expense and unproved leasehold impairments 12 20 28 77 81 Current income tax provision 308 260 316 1,153 1,338 Other adjustments to reconcile net income to net cash provided by operating activities (16 ) 45 (71 ) (2 ) (26 ) Changes in operating assets and liabilities 107 (221 ) (23 ) 535 417 Financing costs, net 91 100 77 367 321 Transaction, reorganization & separation costs 12 14 4 168 15 Adjusted EBITDAX (Non-GAAP) $ 1,550 $ 1,557 $ 1,361 $ 5,918 $ 5,275 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. December 31, September 30, June 30, March 31, 2024 2024 2024 2024 Current debt $ 53 $ 2 $ 2 $ 2 Long-term debt 5,991 6,370 6,741 5,178 Total debt 6,044 6,372 6,743 5,180 Cash and cash equivalents 625 64 160 102 Net debt $ 5,419 $ 6,308 $ 6,583 $ 5,078 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 For the Quarter Ended December 31, 2024 December 31, 2023 Before Tax After Diluted Before Tax After Diluted Tax Impact Tax EPS Tax Impact Tax EPS Net income including noncontrolling interests (GAAP) $ 500 $ (75 ) $ 425 $ 1.15 $ 540 $ 1,324 $ 1,864 $ 6.08 Income attributable to noncontrolling interests 129 (58 ) 71 0.19 163 (72 ) 91 0.30 Net income attributable to common stock 371 (17 ) 354 0.96 377 1,396 1,773 5.78 Adjustments: * Asset and unproved leasehold impairments 42 (16 ) 26 0.07 17 (4 ) 13 0.04 Valuation allowance and EPL revaluation — (11 ) (11 ) (0.03 ) — (1,634 ) (1,634 ) (5.33 ) Other tax adjustments — (224 ) (224 ) (0.61 ) — — — — Unrealized derivative instrument (gain) loss (10 ) 2 (8 ) (0.02 ) 10 (2 ) 8 0.03 Loss on previously sold Gulf of America properties 190 (42 ) 148 0.40 212 (45 ) 167 0.54 Kinetik equity investment mark-to-market loss — — — — 29 (6 ) 23 0.08 Transaction, reorganization & separation costs 12 (3 ) 9 0.03 4 (2 ) 2 0.01 Gain on divestitures, net (5 ) 1 (4 ) (0.01 ) (1 ) 1 — — Adjusted earnings (Non-GAAP) $ 600 $ (310 ) $ 290 $ 0.79 $ 648 $ (296 ) $ 352 $ 1.15 For the Year Ended For the Year Ended December 31, 2024 December 31, 2023 Before Tax After Diluted Before Tax After Diluted Tax Impact Tax EPS Tax Impact Tax EPS Net income including noncontrolling interests (GAAP) $ 1,535 $ (417 ) $ 1,118 $ 3.16 $ 2,883 $ 324 $ 3,207 $ 10.39 Income attributable to noncontrolling interests 570 (256 ) 314 0.89 628 (276 ) 352 1.14 Net income attributable to common stock 965 (161 ) 804 2.27 2,255 600 2,855 9.25 Adjustments: * Asset and unproved leasehold impairments 1,164 (558 ) 606 1.71 83 (50 ) 33 0.11 Valuation allowance and EPL revaluation — 5 5 0.02 — (1,627 ) (1,627 ) (5.27 ) Other tax adjustments — (224 ) (224 ) (0.63 ) — — — — Gain on extinguishment of debt — — — — (9 ) 2 (7 ) (0.02 ) Unrealized derivative instrument (gain) loss 8 (2 ) 6 0.02 (51 ) 11 (40 ) (0.13 ) Loss on previously sold Gulf of America properties 273 (60 ) 213 0.60 212 (45 ) 167 0.54 Kinetik equity investment mark-to-market loss 9 — 9 0.03 12 (2 ) 10 0.03 Drilling contract termination charges — — — — 13 (10 ) 3 0.01 Transaction, reorganization & separation costs 168 (30 ) 138 0.39 15 (5 ) 10 0.03 Gain on divestitures, net (289 ) 63 (226 ) (0.64 ) (8 ) 2 (6 ) (0.02 ) Adjusted Earnings (Non-GAAP) $ 2,298 $ (967 ) $ 1,331 $ 3.77 $ 2,522 $ (1,124 ) $ 1,398 $ 4.53 * The income tax effect of the reconciling items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides. Page 7 APA CORPORATION OIL & GAS RESERVES INFORMATION For the Year Ended December 31, 2024 OIL (Mbbl) U.S. Egypt 1 North Sea Suiname Total 1 Balance - Dec 31, 2023 210,490 107,559 61,076 — 379,125 Extensions and Discoveries 100,778 18,115 — 73,637 192,530 Purchases 124,112 — — — 124,112 Revisions (9,642 ) 10,521 (21,000 ) — (20,121 ) Production (47,043 ) (32,584 ) (9,640 ) — (89,267 ) Sales (86,668 ) — — — (86,668 ) Balance - Dec 31, 2024 292,027 103,611 30,436 73,637 499,711 NGL’s (Mbbl) U.S. Egypt 1 North Sea Suiname Total 1 Balance - Dec 31, 2023 171,887 — 1,460 — 173,347 Extensions and Discoveries 62,988 — — — 62,988 Purchases 51,406 — — — 51,406 Revisions (20,167 ) — (277 ) — (20,444 ) Production (27,039 ) — (439 ) — (27,478 ) Sales (30,878 ) — — — (30,878 ) Balance - Dec 31, 2024 208,197 — 744 — 208,941 GAS (MMcf) U.S. Egypt 1 North Sea Suiname Total 1 Balance - Dec 31, 2023 1,103,451 379,756 46,839 — 1,530,046 Extensions and Discoveries 354,267 60,366 — — 414,633 Purchases 279,615 — — — 279,615 Revisions (224,118 ) 26,792 (4,176 ) — (201,502 ) Production (176,941 ) (106,510 ) (14,635 ) — (298,086 ) Sales (162,039 ) — — — (162,039 ) Balance - Dec 31, 2024 1,174,235 360,404 28,028 — 1,562,667 TOTAL BOE (Mboe) U.S. Egypt 1 North Sea Suiname Total 1 Balance - Dec 31, 2023 566,285 170,852 70,343 — 807,480 Extensions and Discoveries 222,811 28,176 — 73,637 324,624 Purchases 222,121 — — — 222,121 Revisions (67,162 ) 14,986 (21,973 ) — (74,149 ) Production (103,572 ) (50,336 ) (12,518 ) — (166,426 ) Sales (144,553 ) — — — (144,553 ) Balance - Dec 31, 2024 695,930 163,678 35,852 73,637 969,097 Proved developed reserves: Oil (Mbbls) 184,744 95,990 30,436 — 311,170 NGL’s (Mbbls) 153,523 — 744 — 154,267 Gas (Mboe) 144,410 55,484 4,672 — 204,566 Balance - Dec 31, 2024 (Mboe) 482,677 151,474 35,852 — 670,003 (1) Includes reserves attributable to noncontrolling interest in Egypt. 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the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.