2014 PESA SUPPLY CHAIN CONFERENCE Mike Bahorich

February 27, 2014

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 production and exploration activities. 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, http://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 LNG plants; 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,” 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” 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, 2012, 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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FORWARD-LOOKING STATEMENTS

APACHE AT A GLANCE: 8 REGIONS (4 US, Canada, UK, Egypt, Australia)

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Gulf of Mexico

Gulf Coast Onshore

Anadarko Basin

Permian Basin

Canada

Egypt

Australia

United Kingdom

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

8001

99

2

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

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20

10

20

11

20

12

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13

20

13

PF

MBOE/D, Net

STRATEGIC REPOSITIONING FOR NEXT GROWTH PHASE

5

GOM

International

North America Onshore

N.A. Onshore Liquids

Expansion

International Expansion

International Entry

Note: 2013 Pro forma: after GOM Shelf sale, Egypt JV, expected Argentina sale and Canada property sales 2013 + 2014 targeted.

537

Repositioned for Next Growth Phase

Focused portfolio: growth assets, free cash flow assets

Powered by North America onshore

Play to our core strength in operational execution

Production growth: visible, predictable, repeatable

Rate of return: liquids focus, relentless execution

Internally funded capital program ex LNG

Return capital to shareholders

REPOSITIONING OBJECTIVES

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DECISIVE STEPS TAKEN IN 2013-14

7

Delivered portfolio repositioning

GOM Shelf sale (retaining 50% of exploration portfolio)

Egypt JV with Sinopec

Argentina sale1

Canada transitioning

Accelerated North America liquids growth: +34% in 2013

Returned capital to shareholders

Dividend increase: 18% in ‘13, 25% in ’14

Repurchased $1.2 BN of stock thus far

Strengthened balance sheet

$2.6 BN debt reduction, entered 2014 with $1.9BN of cash

Note 1. Argentina sale expected to close 1Q 2014.

7%

10%

3%

13%

18%

20%

11%

8% 8%

8

GOM Shelf

50% Liquids 58% Liquids

20091

Note 1. 2009 production has been reduced by Egypt tax barrels of 47 MBOE/D for comparability. Note 2. Pro forma is 2013 less divested volumes from GOM Shelf, Canada, including 2014 proposed sales, Egypt w/o tax barrels excluding noncontrolling interest and expected Argentina sale.

537 MBOE/D 537 MBOE/D

60% North America Onshore

North America Onshore

GOM

International

REPOSITIONED PORTFOLIO

GOM

17%

24%

6%

14%

2%

13%

14%

11%

2013 Pro Forma2

34% North America Onshore

14%

19%

23%

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APACHE TODAY

Proven leader in oil-levered North America growth:

#1 growth generator in Permian + Anadarko basins

Strongly positioned to drive the company’s growth

Major free cash flow assets:

Egypt, North Sea, Australia: #1 positions

LNG: incremental, company-driving free cash flow

Industry shift to execution:

APA’s core strength and track record

Built to last:

Rate of return focus

Internally funded capital program ex LNG

Sustainable growth: resource depth, repeatable running room

Financial strength to execute our strategy

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#1 GROWTH GENERATOR IN THE PERMIAN BASIN

0

2

4

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8

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12

14

16

18

20

APA A B C D E F

Average MBOE/D Added in 2013

Note: Peers include COP, CXO, DVN, OXY, PXD, and XEC; data sourced from company investor presentations and Wall Street research.

3.3MM acres (1.7MM net)

127 MBOE/D in 2013

22% liquids growth, 17% BOE growth

4.8BN BOE APA net evaluated resource (26% increase from 2012)

Midland Basin Delaware

Basin

Central Basin

Platform

MBOE/D, Net

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1.8MM acres (1MM net)

91 MBOE/D in 2013

122% liquids growth, 49% BOE growth

#1 driller in deep portion of basin

Multi-play portfolio: Granite Wash, Tonkawa, Cleveland, Marmaton

5.2BN BOE APA net evaluated resource

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MULTI-PLAY ANADARKO BASIN GROWTH ENGINE 58 YEAR TRACK RECORD

Horizontal Well Liquids Drive APA’s Growth

45

61

91

0

10

20

30

40

50

60

70

80

90

100

2011 2012 2013

MBOE/D, Net

% Liquids 20% 34% 50%

APA acreage

15 mi

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2009 2010 2011 2012 2013 Q4'13

Permian Central

0

50,000

100,000

150,000

200,000

250,000

2009 2010 2011 2012 2013 Q4'13

Permian Central

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Liquids Track Record (B/D) BOE/D Track Record

MULTI-YEAR TRACK RECORD: PROVEN DRIVERS

89

227

39

151

13 Note: Peers include: Anadarko, Chesapeake, Devon, EOG, and Occidental. Latest 2013 company guidance used for companies who have not yet reported full 2013 results.

34% 34%

26%

21%

15%

5%

APA A B C D E

LEADER IN NORTH AMERICA LIQUIDS GROWTH

2013 % Growth

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Australia

Sustainable free cash flow generation

>$1 BN in 2014

Large, stable oil production

Brent pricing advantage

Exploration, Egypt horizontals

Visible growth project pipeline

2014 Avg.: 18-25 MBOED

Premium domestic gas market

Wheatstone LNG

Exploration with infrastructure

North Sea

Apache Acreage Oil Field Gas Field

Egypt, North Sea Australia

BERYL

FORTIES

INTERNATIONAL: SUSTAINABLE FREE CASH FLOW WITH UPSIDE

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WHEATSTONE LNG

First production in 2016

85% contracted (oil-based pricing)

8.9 MMTPA LNG

APA = 13%

LNG operated by Chevron, Apache operates its upstream

Illustrative Free Cash Flow Profile

Note 1. Pre-tax, based on $100/BBL Brent oil price. Assumes capital costs and timing of project start-up are as currently planned.

-1,500

-1,300

-1,100

-900

-700

-500

-300

-100

100

300

500

700

900

1,100

2014 2015 2016 2017 2018 2019 2020 2021

Pre-Tax Cash Flow

Capital Investment

Pre-Tax Cash Flow at $100 Brent1

$MM 20-Year Contracts

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A

KITIMAT LNG

Commercialize 50 TCF gross discoveries in Liard, Horn River Basins

Most advanced LNG project in Canada

10 MMTPA LNG, APA currently 50%

Apache operates upstream

2013: Chevron became operator of downstream

2014: Apache to right-size Kitimat LNG participation

15-18% North America onshore liquids growth

Driven by oil

Double-digit global liquids growth

5-8% global BOE production growth

Capex ex LNG = within cash flow

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2014 EXPECTATIONS

Note: All growth rates based on 2013 pro forma production. Excluding Egypt tax barrels and noncontrolling interest.

18 Note 1. Includes E&D and GTP capital. Excludes non oil and gas capital of $0.2 billion and LNG projects. Egypt excludes noncontrolling interest. Note 2. Kitimat LNG investment = up to $1.0 billion in 2014 based on current 50% participation. APA to right-size Kitimat LNG participation in 2014.

Canada $0.6 Bn

Central $1.7 BN

GC Onshore $0.5 Bn

2014 CAPITAL PLAN North America Onshore

GOM

International

Additional Investment in LNG: Wheatstone $1.4 Bn

Kitimat2 TBD

Permian $2.6 Bn

64% North America Onshore

E&P Capital = $8.5 Bn1

Australia $0.8 Bn North Sea

$0.9 Bn

Egypt $0.9 Bn

GOM $0.5 Bn

20%

31%6%

7%

6%

11%

11%9%

WE ARE ALREADY DELIVERING IT

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2013 Production Growth

Note 1. All growth rates exclude Egypt tax barrels and noncontrolling interest. 2013 continuing operations. Note 2. 2014 Plan: after GOM Shelf sale, Egypt JV, expected Argentina sale and Canada property sales (2013 + 2014 targeted).

6.4%

-1.3%

8%

5%

2014 Plan2

Reported1 Retained Assets

RETURNING CAPITAL TO SHAREHOLDERS

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Dividend

13% per share growth in 2012

18% per share growth in 2013

25% per share growth in 2014

Strategy: consistently grow our dividend at attractive rates

Buyback

$1.2 BN 2013 + 2014 YTD

Our shares remain a compelling value opportunity at

current price levels

0

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2013PF 2014E 2015E 2016E

MBOE/D, Net

HIGH-GRADED PORTFOLIO: ENHANCED PREDICTABILITY

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North America Onshore

GOM

International

Note: Pro forma for divested volumes from GOM Shelf, Canada, Egypt and expected Argentina sale. Egypt excludes tax barrels and after noncontrolling interest. Note 1. Wheatstone free cash flow before tax.

2017: Wheatstone LNG1

At full ramp-up:

>$1 BN annual free cash flow

30 MBOE/D, net

No decline for decades

Enhanced predictability with

high-graded portfolio

Liquids growth driven by oil

No exploration contribution

Strong international FCF generation

Capex ex LNG = cash flow

Midpoint of expectation range displayed

Proven leader in oil-levered North America growth:

#1 growth generator in Permian + Anadarko basins

60% of company production in NA onshore (and rising)

Major free cash flow assets:

>$1 BN/year FCF from Egypt, North Sea, Australia (#1 positions)

Incremental $1 BN/year free cash flow from Wheatstone LNG

Industry shift to execution:

Proven track record: APA core strength

Built to last:

Rate of return discipline: focus on repeatable liquids plays

Self-funded capital program ex LNG. Financial strength to deliver our strategy

Sustainable: NA onshore resource alone 4x APA proved reserves

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APACHE TODAY

Repositioned, focused: ready for next phase of value growth

Technology advancement Fast commoditization of Technology Continued need for quality, efficiency, productivity Emerging Importance of Supply Chain

INDUSTRY TRENDS

Key industry areas of focus: Unconventionals, Deepwater, Mega Projects

Each with their own Supply Chain challenges Unconventionals

Cost – Resource plays have economic risk not geologic risk Ensuring source of supply Supporting aggressive drilling programs “Factory” approach to development

Deepwater Leadtimes Technical complexity Logistical challenges Costly delays

Mega Projects Leverage Planning and scheduling Expediting Costly delays

IMPORTANCE OF SUPPLY CHAIN: 3 MAJOR AREAS

Center focuses on: Functional oversight Multi-regional sourcing &

leverage Multi-regional contracting Processes SAP & master data Training & career

development Functional expertise

Category management Project procurement Frontier operations support

Regions focus on: Local execution Local sourcing Local contracts and services Logistics and inventory

management

SUPPLY CHAIN PRACTICES – APACHE’S VIEW

Supply Chain is part of the E&P Technology Organization

Center Led organization with Regional execution

All the “functional” technical groups in the same portfolio Worldwide Drilling and Completions Worldwide Projects Geoscience: Petrophysics, Petroleum Systems, Geology, Geophysics Engineering: Reservoir, Production, Chemistry Global Supply Chain

View Supply Chain as a natural fit in this group Supports all regions and all disciplines Able to jointly attack both the cost and the value side of the equation Close cooperation plays to each group’s strength

Technology can bring the science, and technical expertise Supply Chain provided commercial, market knowledge, negotiation an logistical

expertise

WHY APACHE SUPPLY CHAIN IS PART OF THE E&P TECHNOLOGY PORTFOLIO

Guar: Corporate Technology group

identified significantly lower cost sources of guar Savings on guar would be as much as

60% when compared to current prices Supply Chain led negotiations with new

and existing suppliers Testing program to evaluate quality

across multiple sources are underway Frac Chemicals:

Technology & Supply Chain working together changed frac chemical blends and suppliers that resulted in: More effective chemical Lower cost More environmentally friendly

SUPPLY CHAIN, TECHNOLOGY & OPERATIONS PARTNERING FRAC CHEMICALS

The groups worked to qualify, select and implement self-sourcing of frac sand for operations in the Permian

Led negotiations with incumbent supplier to lower the cost of Northern 40/70

Corporate Supply Chain led effort to qualify lower cost 40/70 alternatives

Targeting field trial in Q2 2014 to determine if alternative is technically acceptable

SUPPLY CHAIN, TECHNOLOGY & OPERATIONS PARTNERING FRAC SAND

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30% Reduction

8% Reduction

17% Reduction

40%

50%

60%

70%

80%

90%

100%

Original Contract Initial Self-SourcingAgreement

Renegotiated Self-Sourcing Agreement

Alternative LowerQuality Sand (TBD)

Cost / LB

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2012 2013

Frac

Sav

ings

per

wel

l

CORDILLERA

APACHE 2012 FRAC BID (20%)

FRAC RE-DESIGN (34%)

APACHE 2013 FRAC BID (26%)

SUPPLY CHAIN, TECHNOLOGY & OPERATIONS PARTNERING CENTRAL REGION OVERALL FRAC COST

FRAC COST REDUCTION: 61%

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SUPPLY CHAIN & OPERATIONS PARTNERING INVENTORY REDUCTION

Supply Chain focused on monetizing inventory in 2013 to help stretch Apache’s cash flows

Sales, substitutions, transfer to other regions were employed

Inventory levels decreased by 22% bringing over $100 MM in funds for additional capital spending

SUPPLY CHAIN & OPERATIONS PARTNERING SOLVING LOGISTICS ISSUES

Region Supply Chain worked with the Dampier Port Authority to develop a plan to extend the dock using a floating deck

Apache will pay for and build floating deck in exchange for preferential dock access

Development Application approved by Dampier Port Authority and Construction Application being prepared (site works commence May 2014)

Background:

Dampier is the primary port for our Australian Operations

Port is small, and overcrowded

Unavailable when general cargo ships dock

DAMPIER FLOATING DECK

Safety Costs Rework

Sidetracks Frac hits Infant failures

Faster time to first oil Improving ROR: Decrease cost or increase EUR

CHALLENGES

Be a technology leader or a cost leader Technology

More hydrocarbons Save time: drilling, completions, seismic, etc. Better hole quality Longer equipment run life Mechanical integrity

Cost Prices Optimized logistics Efficiency Quality

Help filling out our technology plan

R&D that solves problems

WHAT WE WANT FROM SUPPLIERS

2014 PESA SUPPLY CHAIN CONFERENCE Mike Bahorich

February 27, 2014

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