APA Corporation — Feb 26, 2025 release

“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 Rese