PERMIAN PERSPECTIVE: PAST SUCCESS, EXCITING FUTURE

10.10.2018

RBN ENERGY CONFERENCE

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 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, involveestimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, recently filed Quarterly Reportson Form 10-Q, recently 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 ApacheCorporation’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 thatsuch 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 expectationsexpressed 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 thispresentation, 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.

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FORWARD-LOOKING STATEMENTS

2

Apache: Overview

Permian: Perspective

Alpine High: A differentiated discovery

Conclusion: Remarks, Q&A

AGENDA

3

APACHE

4

Overview

APACHE OVERVIEW: STREAMLINED PORTFOLIO

5

UNITED STATESPermian driving growth and returns optionality in Scoop/Stack & Eagle Ford

EGYPTSignificant free cash flow and preparing for next leg of growth

NORTH SEAHigh margins, high returns and free cash flow

SURINAMEHigh impact oil exploration

APACHE OVERVIEW: OIL LEVERED, PERMIAN FOCUSED

6

Permian(ex Alpine High)

32%

Alpine HighUpstream

25%

Alpine High Midstream(3)

16%

International(2)

20%

Other U.S.(1)

7%

(1) Other United States includes Lower 48 (excluding Permian) and Gulf of Mexico(2) International includes Egypt, North Sea and Suriname; excludes Egypt noncontrolling interest(3) Assumes funding for the full year

2018 Capital Budget: $3.4 Billion

WTI Oil31%

Brent Oil50%

Natural Gas11%

Natural Gas Liquids8%

2Q 2018 Revenue Mix

PERMIAN

7

Perspective

Established Midland Office in 2010

BP and Mariner Energy acquisitions

▪ Doubled gross acreage to more than3 million

▪ Production increased by 35 MBoe/d

▪ Rig count increase from 2 to 20 by 2010

8

APACHE PERMIAN EVOLUTION

FROM “PRESENCE” TO “FOCUS”

Apache Permian 2010

LEGACY APACHE

ALPINE HIGH

9

APACHE PERMIAN EVOLUTION

ADDITION OF ALPINE HIGH

Established San Antonio office in 2014

Discovered and announced Alpine High in 2016

Replaced Canada production in July 2018

Apache Permian Today

LEGACY APACHE

Focus on organization, strategic testing, returns

Active in multiple plays: conventional/unconventional/EOR

Shift to horizontal drilling, completion optimization

World-class discovery at Alpine High

OPTIMIZATION, DISCOVERY AND DEVELOPMENT

10

(1) Excludes Mariner/BP acquisition costs of ~$3.6 billion(2) Data as of 2Q 2018; Capital Budget represents previously disclosed capital guidance for 2018 for the Permian

and Alpine High Upstream (excludes Alpine High Midstream)

2010 2014 2018(2)

Acreage(Net) ~0.7 MM ~1.6 MM ~1.5 MM

AverageRig Count 8 40 17

Production (Mboe/d) 67 159 202

Employees 343 1,100 1,274

CapitalBudget $0.4 Bln(1) $3.3 Bln $1.9 Bln

11

PERMIAN BASIN PRODUCTION GROWTH

67

92

108

127

159169

161148 146

161

177 183

202

8

25

32

4240

12

5

13

17 17 16 16 17

0

5

10

15

20

25

30

35

40

45

50

0

30

60

90

120

150

180

210

2010 2011 2012 2013 2014 2015 2016 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

Production (Mboe/d) Avg Rig Count

Midland & Delaware Basin Oil Production (Mbo/d)

40 46

55 55 61

2Q17A 3Q17A 4Q17A 1Q18A 2Q18A

12

MIDLAND AND DELAWARE BASIN OIL PRODUCTIONOil Growth Leading the Way

Strong well performance Increasing efficiencies, multi-well pads/

longer laterals

DixielandAzalea

WildfirePecos Bend

Alpine High

Powell

Key Focus Areas

ALPINE HIGH

13

A differentiated discovery

14

ALPINE HIGH: A WORLD-CLASS PLAY

Alpine High: ~340,000 Net Acres(1)

(1) Acreage as of July 1, 2018

SCALE

Unprecedented hydrocarbon column up to 6,000 ft.

Vertically stacked oil, rich gas and dry gas fairways

5,000+ locations identified to date

POSITIONING

Ideally positioned to deliver hydrocarbons in scale to the Gulf Coast/Mexico

Access to oil, NGL and gas takeaway capacity to accommodate anticipated 10+ years of growth

ECONOMICS

Excellent returns potential in rich gas play

Proven oil upside

Liquids uplift plus low F&D/operating costs = strong recycle ratios

STRUCTURAL CROSS SECTION OF ALPINE HIGH

15

NORTHERN FLANK CREST SOUTHERN FLANK

Transgressive Parasequences

Transgressive Source Interval

Devonian High Stand

Evaporites

1397013370

10820

9130

???

9925

10460

1160

10215

9760

9420

8720

10100

13270

9700

DRY GAS

WET GAS

OIL

9210

10050

7,500’

10,500’

13,500’

8,500’

9,500’

11,500’

12,500’

Note Vertical and horizontal scales are not equivalent.

~60 miles

16

ALPINE HIGH: CHANGING PERCEPTIONS

(1) Based on a $10 share price

REALITY

Up to 6,000-foot thick, multi-zone hydrocarbon column

High BTU gas and oil producing formations

Multi-decade inventory of high-return liquids wells

Apache equity ownership in Altus Midstream valued at approximately $2.5 billion(1)

Asset mix comprises G&P and potential joint venture long-haul pipelines

Altus Midstream will fund go-forward midstream capex

3rd party midstream and pipeline companies validate play through acreage dedication offering vs. MVC

Altus Midstream partnership with Kayne Anderson

Increasing competitor drilling activity around Alpine High

PRIOR PERCEPTION

Complex geology, dry gas, uneconomic

Midstream investment driving outspend –infrastructure assets have minimal value

Alpine High lacks industry endorsement

Competitor Permit Wells Competitor Wells Drilled/Drilling Apache Acreage OutlineApache Operated Rig

INDUSTRY ACTIVITY INCREASING AROUND ALPINE HIGH

Source: Drilling Info.

20 Miles

REEVES

PECOS

JEFF DAVIS

WARD

CULBERSON

BREWSTER

PRESIDIO

0 10 205

Miles

PETRA 8/28/2018 4:23:00 PM

20 Miles

Drilled/ Drilling Count: 223Current Permit Count: 84Total well count: 307

17

September 2016 September 2018

ALPINE HIGH PLAY EVOLUTION

18

SEPTEMBER 2016 SEPTEMBER 2018 2020 (EST.)

RIG COUNT 3 7 10 - 11

CUM. WELLS DRILLED 14 162 425 – 450 at year-end

CUM. WELLS ON PRODUCTION 9 111 350 – 375 at year-end

NET PRODUCTION(MBOE/D) Nm ~54 (July Exit Rate) 160 – 180

LOCATION COUNT 2,000 – 3,000+ 5,000+ Ongoing Testing

CONFIRMED LANDING ZONES 2 13 Ongoing Testing

ALTUS MIDSTREAM Nm• Rich gas processing capacity: 380 MMcf/d• Lean treating & compression: 400 MMcf/d• Initial cryo under construction

• Rich gas processing capacity: ~1,380 MMcf/d• Lean treating & compression: 480 MMcf/d• Five cryo plants at year end

ALPINE HIGH: TRANSITIONING TO FULL-FIELD DEVELOPMENT

19

2014 - 2016 2016 - 2017 2018 & beyond

Formulation of concept, concept testing and

confirmation

Areal and vertical delineation

Transition to full field development=+ ▪ Optimized Spacing, Patterns & Completions

▪ Drilling Efficiencies

▪ Lifting Cost Efficiencies

Focus on reducing costs, increasing efficiency and maximizing recovery

Apache’s long-term methodical approach to developing Alpine High:

Premier upstream E&P and leading midstream investor

Market capitalization of ~$3.5 billion at formation(1)

$900+ million of cash to pre-fund Alpine High midstream capex at close

2021E EBITDA ~ 50% Gathering & Processing and 50% pipeline ownership

Transaction expected to close in November (ticker symbol to be ALTM)

ALTUS MIDSTREAM TRANSACTION OVERVIEW

20

FULLY INTEGRATED PERMIAN BASIN MIDSTREAM COMPANY

(1) Based on a $10 share price

ALPINE HIGH: WELLHEAD TO WATER CONNECTIVITY

21

▪ Proactive, long-term

planning resulted in

attractive takeaway

and fractionation

capacity in a tight

market

▪ Altus Midstream

equity interests in

five joint venture

pipelines

Premier, vertically integrated midstream company

LONG-HAUL PIPELINESLARGE-SCALE, MASTER-PLANNED G&P BUILDOUT

STX / Aqua Dulce

Market Access

Katy

Market Access

USGC Pipeline / LNG

Market Access

CONCLUSION

22

Remarks & Q&A

Takeaway issues – we’ve been here before

Industry capable of quickly adjusting

Scale – and the ability to plan – are a significant competitive advantage for E&Ps

Base decline rate / rig count growth are key

PERMIAN BASIN – A LOOK TO THE FUTURE

23

H O U S T O N

Q&A

24