APA Corporation — Aug 6, 2025 release

The company also reduced net debt by over $850 million, supported by proceeds from the New Mexico asset sale and positive working capital inflows, primarily associated with payments from Egypt. To emphasize the ongoing commitment to a strong balance sheet, APA is initiating a long-term net debt target of $3 billion. This target reflects the company’s confidence in the durability of its cash flows, the strength of its asset base, and a commitment to maintain an investment grade credit profile through commodity cycles. The company plans to continue its balanced capital allocation approach and remains committed to returning 60% of free cash flow to shareholders through base dividends and share repurchases. APA CORPORATION ANNOUNCES SECOND-QUARTER 2025 FINANCIAL AND OPERATIONAL RESULTS — PAGE 3 of 6 Cost reduction initiatives Following strong performance in the first half of the year, APA is outpacing its three-year cost reduction targets and now expects to achieve $350 million in run-rate savings in 2026, compared to its prior goal of year-end 2027. The company also increased its 2025 realized savings target by more than 50% from $130 million to $200 million and raised the year-end run-rate savings target from $225 million to $300 million. The acceleration in the reduction of controllable spend is driven by capital efficiency gains in both the Permian and Egypt, as well as further improvements to the company’s overhead cost structure. “At the start of this year, we set forth some important goal