December 8, 2015

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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 and 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, recent Quarterly Reports on Form 10-Q, recent filed Current Reports on Form 8-K available on our website, www.apachecorp.com, 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” 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” 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, 2014, available from Apache at www.apachecorp.com or by writing Apache at: 2000 Post Oak Blvd., Suite 100, Houston, Texas 77056 (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.

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NORTH SEA EXPLORATION UPDATE

CORY LOEGERING, REGION VP AND MANAGING DIRECTOR – NORTH SEA

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APACHE TODAY

Realigned the organization and streamlined the portfolio

Significantly strengthened the balance sheet

Aligned activity and capital spend for current price environment

Aggressively reducing all facets of the cost structure

International will deliver free cash flow with upside potential

4

APACHE NORTH SEA IS HIGHLY DIFFERENTIATED

Two of the most prolific North Sea hydrocarbon accumulations at Forties and Beryl

Significant prior infrastructure investment

Best-in-class production efficiency

Advantaged pipeline and platform locations

Industry-leading operating costs in North Sea

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~50% OPERATING COST ADVANTAGE

$7.02$8.03

$10.37$11.49

$14.74$16.66

$13.62$13.46 $13.76

$17.64

$22.19

$27.07

$30.49

$0

$5

$10

$15

$20

$25

$30

$35

2009 2010 2011 2012 2013 2014 2015

Apache

UK North Sea Avg

Unit Operating Cost ($/Boe)

Source: Oil and Gas UK 2015 Activity Survey

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Dummy DataInfrastructure12%

Drilling and Completion

78%

MORE FUTURE CAPITAL TOWARDS DRILLING

(1) Excludes acquisitions. (2) Based on Apache mean-risked reserve and capital spending case.

2012 – 2015 Capital(1) 2016 – 2020 Capital(1,2)

Infrastructure44%

Drilling and Completion

51%

Seismic and Exploration

10%

Seismic and Exploration

5%

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Largest oil field in the U.K. North Sea

FORTIES

Acquired in April 2003 from BP for $630 million

Field is one large 4-way structural closure

Apache has invested $2.3 billion in infrastructure and $2.3 billion on drilling and workovers

20 miles

15

mile

s

Forties Field Outline

Apache 3Q’15Net Production

Estimated OOIPTotal Cumulative Gross Production

41,000 Boe/d 5 Billion Boe 2.6 Billion Boe

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Exceptional field revival

FORTIES

Net Proved ReservesYears Until

Decommission Date

97

144

0

50

100

150

200

250

300

350

At Acquisition (2003)

2014

MMBoe

235 MMBoeProduced 2003-2014

0

2

4

6

8

10

12

14

16

18

At Acquisition (2003)

2014

Years

Extended Decommission Date Several

Years

41

45

38

39

40

41

42

43

44

45

46

At Acquisition (2003)

2014

Mboe/d

5+ MBoe/d Added

Net Production

9

16

9

Acquired inventory - 2003

FORTIES

Identified targets

Alpha

Bravo

Charlie

Delta

Echo

FASP

38 targets identified at time of acquisition

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Substantial low-risk inventory remaining

FORTIES

All targets drilled by Apache

Alpha

Bravo

Charlie

Delta

Echo

FASP

84 targets currently identified

2016 seismic will increase the count

Remaining targets

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Significant reserves remain

FORTIES

Giant field: 5 billion barrels of original oil in place

~2.6 billion barrels recovered to date (52% Rf)

Each 1% additional recovery is ~50 million barrels

4D seismic shoots and increased water injection continuously expands the potential location count

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Significant growth potential

BERYL AREA

Acquired in January 2012 from ExxonMobil for $1.44 billion

APA has invested ~$300 million in infrastructure

Exceptional exploration and development success in 2015

3Q 2015 production of ~26,000 Boe/d

Buckland

NevisNess

Skene

Beryl

BDE: 30-Day IP 1071 Boe/d

BCE: 30-Day IP 6916 Boe/d

L4S: 30-Day IP 9679 Boe/d

Corona discovery

ACN: 30-Day IP 9496 Boe/d

K discovery

BLA: 30-Day IP 1670 Boe/d

Beryl Area Recent Well Results

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Acquired targets – 2012

BERYL AREA

Targets at acquisition

Platforms

11 targets at time of acquisition

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New 3D seismic generated 8x inventory increase

BERYL AREA

Remaining targets

Platforms

81 targets remaining

Apache drilled targets

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Substantial reserve upside

BERYL AREA

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Net Mean Unrisked Reserve (MMBoe)

350 – 600 Net MMBoe

Unrisked net reserve potential

Development

Exploration

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Callater Discovery (Formerly K) – Jurassic

BERYL AREA

Pay proven in 3 fault blocks

One remaining undrilled block to southeast

Over 1,500 feet TVD net pay logged

Initial production in 2017

Net Reserves(1)

Net Unrisked Capital

Oil % / Gas %

25 - 50 MMBoe

$318 million

40% / 60%

>100%

$340 - $680 million

Working Interest 55%

ROR(1)

NPV10(1)

(1) Calculated based on consensus prices as of Nov. 9, 2015, after tax and represents Pmean to P10 estimates.

9/19-18Z

9/19-18

9/19-18X

1 km

Empire State Building

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Tertiary injectite portfolio

BERYL AREA

~100,000 acres covering the Tertiary play

Apache has high working interest across the play

Identified multiple drillable prospects in Beryl Area with 189 –400 MMBoe net unrisked reserves

Corona is Apache’s first injectitediscovery

Next prospect, Titan, is scheduled for 2016

Corona discovery

Titan Prospect

Tertiary Injectite Area

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Corona discovery – tertiary injectite

BERYL AREA

Net Reserves(1)

Net Unrisked Capital

Oil % / Gas %

9 - 19 MMBoe

$308 million

98% / 2%

>100%

$51 - $111 million

Working Interest 100%

10

0 f

eet

gas-oil contact

oil-water contact

225 feet net pay 252 feet net pay

Discovery Appraisal

ROR(1)

NPV10(1)

Identified on new Beryl 3D

APA’s first tertiary well in the Beryl Area

362 foot column height

Excellent reservoir quality

High permeability and porosity

Corona

development acreageexploration acreage

Buckland

Beryl

Skene

(1) Calculated based on consensus prices as of Nov. 9, 2015, after tax and represents Pmean to P10 estimates.

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BERYL AREA SUMMARY

Exceptional success in 2015:

89% success rate on 9 wells

Plan 3 significant explorations tests in 2016

Relatively quick tieback with high ROR projects

Unrisked net reserve potential of 350 – 600 MMBoe

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OTHER HIGH IMPACT EXPLORATION

-

20

40

60

80

100

120

140

160

180

A B C D E F

180 – 410 Net MMBoe

Unrisked net reserve potential

Prospects

Net unrisked MMBoe

Forties

Val D’SereVail

Seagull

Isabella

Komodo

Albion

Pmean values Additional P10 value

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SEAGULL DISCOVERY

Net Reserves(1)

Net Unrisked Capital

Oil % / Gas %

40 - 60 MMBoe

$360 million

79% / 21%

>100%

$238 - $393 million

Working Interest 35%

ROR(1)

NPV10(1)

672 feet of oil over a 1,092-foot column

Facility constrained flow of 8,700 Bo/d and 16 MMcfp/d

Seagull22/29-2Z22/29-3

22/29-8Y

9.3 km2 Closure

(1) Calculated based on consensus prices as of Nov. 9, 2015, after tax and represents Pmean to P10 estimates.

1,092 ft oil column

22/29-8y

Oil Saturation

Chrysler Building

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APACHE NORTH SEA IS HIGHLY DIFFERENTIATED

Forties and Beryl two of the biggest and best hydrocarbon accumulations in the North Sea

Extensive inventory of locations is still growing

Infrastructure in excellent shape, higher percentage of capital dollars going toward drilling

APA’s low cost structure and high production efficiency turn marginal economics into high ROR’s

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THANK YOU