Investor Presentaiton

APACHE STRATEGIC APPROACH: 2015-2017 Repositioning the Business Financial Discipline Aligned capital spend with cash flow Reduced debt, protected investment grade credit rating Sustained dividend, did not issue equity Portfolio Exited Australia, LNG, Canada and other non-core assets Shifted focus to Permian and unlocked value Leased and discovered enormous resource play at Alpine High Returns Focus Redesigned incentive compensation metrics Implemented centralized capital allocation process; fully burdened economics Deemphasized production growth, focused on cost alignment Apache 3

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