CANADA

John Christmann February 26, 2014

CANADAS ASSET BASE

TRANSFORMATION UNDERWAY
Repositioning Canada1
Kitimat Upstream

Before Alberta Gross Acres 6.2 MM

After2 4.1 MM

Net Acres Active Well Count

4.9 MM 9,613

3.2 MM 3,535

British Columbia

Recently Divested Acreage 2014 Divestment Acreage Current Apache Acreage

Divested nearly two-thirds of Apaches well count and onethird of production in Canada.

107

Note 1. Amounts exclude wells and acres attributable to Kitimat Upstream. Note 2. Also excludes acreage and wells attributable 2013 and 2014 divestitures.

APACHE CANADA
LIQUIDS-RICH OPPORTUNITIES
Current Rigs APA Hz rigs (8) Kitimat Upstream

2013 RESULTS

Pro forma Average Production (Includes legacy Horn River Production)1

Pro forma % Liquids (Includes Legacy Horn River Production)1 Prod. Replacement

74,582 BOE/D

House Mountain

30% 189% 410 MMBOE $705 MM 7 (6 Hz) 143 (129 Hz)

Apache Acreage

Kaybob Provost West 5

Pro Forma Proved Reserves1 Capital2 Average Rigs Gross Wells3

4.1 million gross acres (3.2 million net)4 3,535 active wells4 8 rigs running

108

Note 1. Excludes 2013 divestitures as of their closing date and 2014 potential divestitures as of January 2013. Note 2. Excludes capital associated with Kitimat project of $204 million. Note 3. Land retention wells excluded Note 4: Excludes amounts attributable to 2013 divestitures, 2014 divestitures and Kitimat Upstream.

TRANSFORMING THE REGION

RE-POSITIONING THE BASE FOR GROWTH

Evaluated the resource base Divested non-core gas properties in 2013 Additional 2014 divestitures

2014 PLAN1
Capital 2014 Avg. Rigs Gross Wells $600 MM 8 (7 Hz) 121 (117 Hz)

Noel, Wapiti, Ojay

Core plays

Bluesky - 32 wells Swan Hills - 12 wells Provost Viking - 24 wells

Liquids Focused Drilling

Set in motion plans for additional growth in new liquids-rich areas

Duvernay - 6 wells Montney - 2 wells Ellerslie - 4 wells

109 Note 1. Figures exclude Horn River / NEBC and Divest Properties.

MULTIPLE STACKED PLAYS

CARDIUM

Black Oil Plays

DUNVEGAN VIKING BLUESKY / GLAUCONITE ELLERSLIE

Repeatable low cost / high ROR drilling inventory

Liquids Rich Gas Plays

Deep basin gas plays provide high rates and significant volumes

MONTNEY

Secondary Recovery

DUVERNAY BEAVERHILL LAKE

High ROR development projects

110

CURRENT RESOURCE INVENTORY

Net Resources 2.8 BBOE
Montney Gross Acreage: 157,874 Net MMBOE: 254

Gross / Net Acreage1 4.1 MM/ 3.2 MM

Dunvegan Gross Acreage: 350,928 Net MMBOE: 174

Ellerslie Gross Acreage: 260,720 Net MMBOE : 252

Duvernay Gross Acreage: 265,204 Net MMBOE: 461

Bluesky / Glauconite Gross Acreage: 561,110 Net MMBOE: 808

Cardium Gross Acreage: 558,476 Net MMBOE: 341

Viking Gross Acreage: 1,359,129 Net MMBOE: 337

111

Note 1. Excludes acreage attributable to 2014 divestitures and Kitimat Upstream..

CANADA REGION RECENT WELL HIGHLIGHTS

Dunvegan 9-35-60-20W5 508 BO/D 4835 Bluesky 9-20-58-18W5 6,500 MCF/D; 400 BO/D 4,203 Swan Hills 8-26-70-11W5 214 BO/D 2,614 Well Name Play/Formation 30-Day IP Rate Lateral Length Swan Hills 6-24-69-10W5 266 BO/D 2,720 Swan Hills 14-1-69-11W5 320 BO/D 3,186 Glauconite 13-19-41-5W5 3,900 MCF/D; 135 BO/D 4,931 Glauconite 16-18-40-6W5 4,500 MCF/D; 243 BO/D 7,047 WEST 5

Montney 1-13-59-21W5 5,635 MCF/D; 40 Noel BO/D 4,058 WAPITI Bluesky 13-30-58-19W5 4,500 MCF/D; 280 BO/D 4,157

KAYBOB
Bluesky 4-28-58-19W5 4,600 MCF/D; 393 BO/D 4,147

PROVOST Sparky 11-32-36-4W4 166 BO/D 3,526

Viking 7-29-35-4W4 144 BO/D 3,280

Dina 11-26-34-9W4 198 BO/D Vertical Drill

112

2013 drilled 143 wells in 12 different formations Excellent well results throughout the Canadian Region

LOWER CRETACEOUS BLUESKY / GLAUCONITE

HORIZONTAL REDEVELOMENT
AB

Kaybob (Current focus area)

BC

Acres (000)
2014P New Wells Drilling Inventory Resources
7,000 6,000 5,000 BOEPD 4,000 3,000
Production decrease attributed to third-party plant downtime

561 (378 Net)

44 3,041 808 MMBOE net

2012 / 2013 DRILLING PROGRAM

113

Established Bluesky liquids-rich horizontal play Play fairway defined by vertical producers 41 APA horizontal wells drilled to date 4 rigs running

2,000
1,000 0

Date

BLUESKY PLAY OVERVIEW - KAYBOB

APA 16-27 HZ 30-day IP BOE/D EUR MBOE APA 9-20 HZ IP BOE/D EUR MBOE 620 573

Cretaceous sandstone play Horizontal development program Liquids rich gas (55 BBLS/ MMSCF) Doubling activity level in 2014

1,093 677

APA 12-21 HZ Test BOE/D EUR MBOE

1,199 1,070

APA 4-21 HZ 30-day IP BOE/D 1,390 EUR MBOE 1,020

Testing upside potential

Edges of Sand Lobes Well Density / Spacing

5 mi

Apache acreage Apache drilled wells Proposed Apache wells

APA 9-7 HZ 30-day IP BOE/D EUR MBOE
700 630

Increased focus on pad drilling

114

BLUESKY FORMATION
KAYBOB DEVELOPMENT AREA
BOE/D 1,200
1,000

Production Type Curve

Drilling Economics

D+C Cost $MM

EUR MBOE % Oil / Gas / Liquids 30-Day IP Rate Boed ROR WI/NRI Current Inventory

5.5
585 10% / 72% / 18% 971 36% 66% / 55% 1,944 168

800
600 400 200 0 0 6 12 18 24 30 36 42 48 54 60

PUD + Probable Inventory

Month

NYMEX $/MMBTU $4.00 $4.50 $5.00 $5.50

ROR% 30% 36% 43% 50%

115
Note: Well economics assume a $90.00/Bbl WTI, $4.50/MMBTU NYMEX gas and lateral length of 4,200.

BLUESKY FORMATION
KAYBOB DEVELOPMENT AREA

116
Note: Type curve assumes lateral length of 4,200.

DUVERNAY FORMATION
DEVONIAN SHALE ALBERTA DEEP BASIN
Acres (000) 239 Gross (176 net)

2014P New Wells

Drilling Inventory Resources

6
1,656 461 MMBOE net

Six wells planned in 2014

2-8 flowing back no test rate yet 2-28 completing 4 wells remaining to be drilled

Map focus area depicts only ~137,000 gross acres of total 239,000 prospective for Duvernay
APA acreage

Competitor wells have de-risked Apache acreage in the Kaybob LRG fairway

Key industry wells APA drilled wells

APA Proposed wells 117

Condensate yield on Apache acreage 100-250 BBLS/MMSCF

DUVERNAY LIQUIDS FAIRWAY

KAYBOB AND SIMONETTE
Production Type Curve
Drilling Economics D+C Cost $MM EUR MBOE % Oil / Gas / Liquids 30-Day IP Rate Boed ROR WI/NRI Current Inventory PUD + Probable Inventory 13 684 40% / 45% / 15% 995 37% 71% / 68% 574 11

NYMEX $/MMBTU

ROR%

$4.00
$4.50 $5.00 $5.50

35%
37% 39% 41%

118
Note: Well economics assume a $90.00/Bbl WTI, $4.50/MMBTU NYMEX gas and lateral length of 4,200.

MONTNEY FORMATION
HIGH RATE / HIGH MMBOE RESERVOIR
SINOPEC 14-36 Hz 30-day IP BOE/D 1054
Map depicts only 9,600 acres of total 158,000 prospective for Montney

Acres (000)

158 Gross (124 Net)

2014P New Wells Drilling Inventory

2 837
254 MMBOE net

SINOPEC 15-29 Hz 30-day IP BOE/D 1610

Resources

Proven opportunity in stacked zones in liquids rich fairway Two locations planned for 2014

NUVISTA 16-21-Hz 30-day IP BOE/D 1031

13-18 completing

5 mi

APACHE 13-18-Hz APA acreage

AB

Well-positioned acreage base with significant upside

APA drilled wells

BC

119

Montney

Key industry wells

MONTNEY FORMATION
LIQUIDS RICH FAIRWAY
BOE/D 900

Production Type Curve

Drilling Economics D+C Cost $MM EUR MBOE % Oil / Gas / Liquids 7.3 877 14% / 78% / 8%

800 700 600 500 400 300 200 100 0 0 6 12 18 24 30 36 42 48 54 60

30-Day IP Rate Boed

ROR WI/NRI PUD + Probable Inventory
Month

892
25% 73% / 66% 161

NYMEX $/MMBTU $4.00 $4.50 $5.00 $5.50

ROR%
20% 25% 29% 33%

120
Note: Well economics assume a $90.00/Bbl WTI, $4.50/MMBTU NYMEX gas and lateral length of 4,000.