APA Corporation · Earnings release · 8-K Exhibit 99

NEWS RELEASE

APA Corporation Announces Second-Quarter 2025

Financial and Operational Results

Key Takeaways

•Reported production of 465,000 barrels of oil equivalent (BOE) per day; adjusted production excluding Egypt noncontrolling interest and tax barrels was 394,000 BOE per day;

•Exceeded second-quarter reported production guidance in all three operating regions while delivering global upstream capital in line with guidance;

•Initiated Permian rig count reduction from eight to six during the second quarter due to a step change in drilling efficiencies; now expect to keep Permian volumes flat with six rigs, down from six and a half rigs mentioned in May;

•Accelerated three-year cost reduction initiatives, targeting to achieve $350 million in run-rate savings in 2026 instead of by year-end 2027; raised 2025 in-year and year-end run-rate savings targets;

•Reduced net debt by more than 15% during the quarter while returning $140 million to shareholders through dividends and share repurchases; and

•Secured presidential approval for the direct award of approximately 2 million acres of additional leasehold in Egypt, increasing footprint by more than 35%.

HOUSTON, Aug. 6, 2025 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the second quarter of 2025.

APA reported net income attributable to common stock of $603 million, or $1.67 per diluted share. When adjusted for items that impact the comparability of results, APA’s second-quarter earnings were $313 million, or $0.87 per diluted share. Net cash provided by operating activities was $1.2 billion and adjusted EBITDAX was $1.3 billion.

“Our strong second-quarter results reflect the continued momentum across our entire portfolio as a result of the hard work and dedication of the APA team,” said John J. Christmann IV, CEO of APA Corporation. “T1In the Permian, our progress is evident in the numbers, where we exceeded production guidance while reducing our rig count by 25% due to continued efficiency gains in the field. T2In Egypt, we exceeded our quarterly gas production guidance and have once again increased our expectations for the gas program in the second half of the year. As a testament to our ongoing partnership with the country of Egypt, we have secured presidential approval for the direct award of approximately 2 million additional acres, unlocking a material amount of prospective oil and gas resource that we will begin drilling by the end of the year.”

1

APA CORPORATION ANNOUNCES SECOND-QUARTER 2025

FINANCIAL AND OPERATIONAL RESULTS — PAGE 2 of 6

Second-Quarter summary

Second-quarter reported production was 465,000 BOE per day and adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 394,000 BOE per day. U.S. oil production was 124,000 barrels per day; exceeding guidance set in May despite a slight impact from the New Mexico asset sale that closed in mid-June. Egypt reported production was also ahead of guidance at 144,000 BOE per day, driven by the strong performance of recent gas discoveries and the company’s ability to continue increasing utilization of existing infrastructure.

During the quarter, APA initiated its plans to reduce Permian rig count from eight to six, reflecting a sustained step-change in drilling efficiencies. The company now believes it can hold go-forward Permian oil production flat at six rigs, a reduction from the six and a half rigs stated in May. Despite the 25% reduction in rig count, the company expects to end the year with a higher inventory of drilled-uncompleted wells than originally assumed in February, due to rapidly increasing drilling speeds. T3Sustained capital efficiency improvements in the Permian are driving a $130 million reduction in original Permian capital guidance, while maintaining original oil production guidance, adjusted for the New Mexico asset sale, which closed in mid-June.

G&A and lease operating expenses were considerably below guidance, while upstream capital investment was in line.

Shareholder returns and net debt reduction update

T4During the quarter, APA returned $140 million to shareholders through its base dividend and share repurchase program. T5The company also reduced net debt by over $850 million, supported by proceeds from the New Mexico asset sale and positive working capital inflows, primarily associated with payments from Egypt.

To emphasize the ongoing commitment to a strong balance sheet, APA is initiating a long-term net debt target of $3 billion. This target reflects the company’s confidence in the durability of its cash flows, the strength of its asset base, and a commitment to maintain an investment grade credit profile through commodity cycles. The company plans to continue its balanced capital allocation approach and remains committed to returning 60% of free cash flow to shareholders through base dividends and share repurchases.

APA CORPORATION ANNOUNCES SECOND-QUARTER 2025

FINANCIAL AND OPERATIONAL RESULTS — PAGE 3 of 6

Cost reduction initiatives

Following strong performance in the first half of the year, T6APA is outpacing its three-year cost reduction targets and now expects to achieve $350 million in run-rate savings in 2026, compared to its prior goal of year-end 2027. The company also increased its 2025 realized savings target by more than 50% from $130 million to $200 million and raised the year-end run-rate savings target from $225 million to $300 million. The acceleration in the reduction of controllable spend is driven by capital efficiency gains in both the Permian and Egypt, as well as further improvements to the company’s overhead cost structure.

“At the start of this year, we set forth some important goals for reducing controllable spend over the next three years,” continued Christmann. “These initiatives are progressing very well, and we are on the path to achieving significant and lasting improvements to our cost structure. We see considerable opportunities to further streamline our business and simplify the way we operate. Given the magnitude of these opportunities, it is clear we have upside to our three-year goal.”

GranMorgu project update

T7In Suriname, full-year 2025 capital guidance for the development of the 220,000 barrels of oil per day GranMorgu project was raised to $275 million, reflecting additional milestone payments expected in the second half of the year; total project costs remain unchanged. APA’s carried interest structure continues to support favorable project economics. APA and its partner, TotalEnergies, remain on track for first oil from Suriname Block 58 in mid-2028.

“I would like to commend our partner, TotalEnergies, on their execution of the GranMorgu project since announcing FID last fall,” Christmann said. “Project costs remain unchanged, and we remain on track for first oil by the middle of 2028,” he concluded.

APA CORPORATION ANNOUNCES SECOND-QUARTER 2025

FINANCIAL AND OPERATIONAL RESULTS — PAGE 4 of 6

The company recently released its 2025 Sustainability Publications. This year, APA simplified its reporting into two documents: “Our Approach to Sustainability” details the ongoing sustainability programs and initiatives, and the “2025 Sustainability Progress Report” contains progress on 2024 goals, annual highlights, key performance data and new goals for 2025.

Conference call

APA will host a conference call to discuss second-quarter 2025 results at 10 a.m. Central time, Thursday, Aug. 7. The conference call will be webcast from APA’s website, www.apacorp.com and investor.apacorp.com. Following the conference call, a replay will be available for one year on the “Investors” page of the company’s website.

About APA

APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

Additional information

Additional information follows, including reconciliations of adjusted earnings, adjusted EBITDAX, upstream capital investment, net debt, cash flows from operations before changes in operating assets and liabilities and free cash flow (non-GAAP financial measures) to GAAP measures and information regarding adjusted production. APA’s quarterly supplement is available at http://www.apacorp.com/financialdata.

Non-GAAP financial measures

APA’s financial information includes information prepared in conformity with generally accepted accounting principles (GAAP) as well as non-GAAP financial information. It is management’s intent to provide non-GAAP financial information to enhance understanding of our consolidated financial information as prepared in accordance with GAAP. Adjusted earnings, adjusted EBITDAX, upstream capital investment, net debt, cash flows from operations before changes in operating assets and liabilities and free cash flow are non-GAAP measures. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure.

APA CORPORATION ANNOUNCES SECOND-QUARTER 2025

FINANCIAL AND OPERATIONAL RESULTS — PAGE 5 of 6

Forward-Looking Statements

This news release contains 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. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, cost reductions, rig counts, asset sales, monetizations and the timing of first oil in Suriname.

While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in APA’s Form 10-K for the year ended December 31, 2024, and in our quarterly reports on Form 10-Q for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them.

APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

APA CORPORATION ANNOUNCES SECOND-QUARTER 2025

FINANCIAL AND OPERATIONAL RESULTS — PAGE 6 of 6

Cautionary note to investors

The United States Securities and Exchange Commission 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. APA may use certain terms in this news release, such as “resources,” “potential resources,” “resource potential,” “estimated net reserves,” “recoverable reserves,” and other similar terms that the SEC guidelines strictly prohibit APA 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 APA’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024, available from APA at www.apacorp.com or by writing APA at: 2000 W. Sam Houston Pkwy S, Ste. 200, Houston, TX 77042 (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.

Contacts

Website: www.apacorp.com

APA-F

-end-

APA CORPORATION

STATEMENT OF CONSOLIDATED OPERATIONS

(Unaudited)

(In millions, except per share data)

For the Quarter Ended

For the Six Months Ended

REVENUES AND OTHER:

Oil, natural gas, and natural gas liquids production revenues

Oil revenues

$

$

$

$

Natural gas revenues

Natural gas liquids revenues

Purchased oil and gas sales

Total revenues

Derivative instrument gains (losses), net

(3)

(7)

Gain on divestitures, net

Loss on previously sold Gulf of America properties

—

—

Other, net

(7)

8

OPERATING EXPENSES:

Lease operating expenses

Gathering, processing, and transmission

Purchased oil and gas costs

Taxes other than income

Exploration

General and administrative

Transaction, reorganization, and separation

Depreciation, depletion, and amortization:

Oil and gas property and equipment

Other assets

7

6

Asset retirement obligation accretion

Financing costs, net

9

NET INCOME BEFORE INCOME TAXES

Current income tax provision

Deferred income tax provision (benefit)

NET INCOME INCLUDING NONCONTROLLING INTERESTS

Net income attributable to noncontrolling interest

NET INCOME ATTRIBUTABLE TO COMMON STOCK

$

$

$

$

NET INCOME PER COMMON SHARE:

Basic

$

$

$

$

Diluted

$

$

$

$

WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:

Basic

Diluted

DIVIDENDS DECLARED PER COMMON SHARE

$

$

$

$

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APA CORPORATION

PRODUCTION INFORMATION

For the Quarter Ended

% Change

For the Six Months Ended

OIL VOLUME - Barrels per day

United States

(1)%

—%

(2)%

North Sea

—%

(5)%

Total (1)

(1)%

(7)%

NATURAL GAS VOLUME - Mcf per day

United States

2%

9%

North Sea

(8)%

Total (1)

(3)%

7%

NGL VOLUME - Barrels per day

United States

3%

1%

North Sea

4%

Total (1)

3%

—%

BOE per day

United States

(3)%

(4)%

3%

8%

North Sea

(1)%

Total (1)

(1)%

(2)%

Total excluding noncontrolling interests

(1)%

(3)%

(1) Includes net production volumes attributed to our noncontrolling partner in Egypt below:

Oil (b/d)

Gas (Mcf/d)

BOE per day

(2) Egypt Gross Production:

Oil (b/d)

Gas (Mcf/d)

BOE per day

Page 2

APA CORPORATION

ADJUSTED PRODUCTION INFORMATION

Adjusted production excludes certain items that management believes affect the comparability of operating results for the periods presented. Adjusted production excludes production attributable to 1) noncontrolling interest in Egypt and 2) Egypt tax barrels. Management uses adjusted production to evaluate the company’s operational trends and performance and believes it is useful to investors and other third parties.

For the Quarter Ended

% Change

For the Six Months Ended

OIL VOLUME - Barrels per day

United States

(1)%

Egypt

3%

1%

North Sea

—%

(5)%

Total

—%

(8)%

NATURAL GAS VOLUME - Mcf per day

United States

2%

Egypt

North Sea

(8)%

Total

(5)%

4%

NGL VOLUME - Barrels per day

United States

3%

1%

North Sea

4%

Total

3%

—%

BOE per day

United States

(3)%

(4)%

Egypt

6%

North Sea

(1)%

Total

(1)%

(3)%

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APA CORPORATION

PRICE INFORMATION

For the Quarter Ended

For the Six Months Ended

AVERAGE OIL PRICE PER BARREL

United States

$

$

$

$

$

Egypt

North Sea

Total

AVERAGE NATURAL GAS PRICE PER MCF

United States

$

$

$

$

$

Egypt

North Sea

Total

AVERAGE NGL PRICE PER BARREL

United States

$

$

$

$

$

North Sea

Total

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APA CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In millions)

SUMMARY EXPLORATION EXPENSE INFORMATION

For the Quarter Ended

For the Six Months Ended

Unproved leasehold impairments

$

—

$

—

$

—

$

Dry hole expense

Geological and geophysical expense

—

4

Exploration overhead and other

$

$

$

$

SUMMARY STOCK-SETTLED AND CASH-SETTLED EQUITY COMPENSATION INFORMATION

For the Quarter Ended

For the Six Months Ended

Stock-settled and cash-settled compensation expensed:

Lease operating expenses

$

3

$

7

$

6

$

$

Exploration

2

1

1

3

2

General and administrative

8

7

Total stock-settled and cash-settled compensation expensed

Stock-settled and cash-settled compensation capitalized

2

4

3

6

6

Total stock-settled and cash-settled compensation costs

$

$

$

$

$

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APA CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In millions)

SUMMARY CASH FLOW INFORMATION

For the Quarter Ended

For the Six Months Ended

Net cash provided by operating activities

$

$

$

$

Additions to upstream oil and gas property

Leasehold and property acquisitions

(7)

—

Proceeds from asset divestitures

Proceeds from sale of Kinetik shares

—

—

—

Other, net

1

5

Net cash used in investing activities

$

$

$

$

Proceeds from (payments on) commercial paper and revolving credit facilities, net

Proceeds from (payments on) term loan facility

—

Payment on Callon Credit Agreement

—

—

Fixed-rate debt borrowings

—

—

—

Payments on fixed-rate debt

Distributions to noncontrolling interest

Treasury stock activity, net

Dividends paid to APA common stockholders

Other, net

—

Net cash used in financing activities

$

$

$

$

SUMMARY BALANCE SHEET INFORMATION

Cash and cash equivalents

$

$

Other current assets

Property and equipment, net

Decommissioning security for sold Gulf of America properties

Other assets

Total assets

$

$

Current debt

$

$

Current liabilities

Long-term debt

Decommissioning contingency for sold Gulf of America properties

Deferred credits and other noncurrent liabilities

APA shareholders’ equity

Noncontrolling interest

Total Liabilities and equity

$

$

Common shares outstanding at end of period

Page 6

APA CORPORATION

NON-GAAP FINANCIAL MEASURES

(In millions)

Reconciliation of Costs incurred to Upstream capital investment

Management believes the presentation of upstream capital investments is useful for investors to assess APA’s expenditures related to our upstream capital activity. We define capital investments as costs incurred for oil and gas activities, adjusted to exclude property and leasehold acquisitions, asset retirement additions and revisions, capitalized interest, and certain exploration expenses. Upstream capital expenditures attributable to a one-third noncontrolling interest in Egypt are also excluded. Management believes this provides a more accurate reflection of APA’s cash expenditures related to upstream capital activity and is consistent with how we plan our capital budget.

For the Quarter Ended

For the Six Months Ended

Costs incurred in oil and gas property:

Asset and leasehold acquisitions

$

8

$

$

$

Exploration and development

Total Costs incurred in oil and gas property

$

$

$

$

Reconciliation of Costs incurred to Upstream capital investment:

Total Costs incurred in oil and gas property

$

$

$

$

Asset and leasehold acquisitions

(8)

Asset retirement obligations incurred - oil and gas property

(3)

(4)

(8)

(9)

Capitalized interest

(7)

Exploration seismic and administration costs

Upstream capital investment including noncontrolling interest - Egypt

$

$

$

$

Less noncontrolling interest - Egypt

Total Upstream capital investment

$

$

$

$

Reconciliation of Net cash provided by operating activities to Cash flows from operations before changes in operating assets and liabilities and Free cash flow

Cash flows from operations before changes in operating assets and liabilities and free cash flow are non-GAAP financial measures. APA uses these measures internally and provides this information because management believes it is useful in evaluating the company’s ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt, as well as to compare our results from period to period. We believe these measures are also used by research analysts and investors to value and compare oil and gas exploration and production companies and are frequently included in published research reports when providing investment recommendations. Cash flows from operations before changes in operating assets and liabilities and free cash flow are additional measures of liquidity but are not measures of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities. Additionally, this presentation of free cash flow may not be comparable to similar measures presented by other companies in our industry.

For the Quarter Ended

For the Six Months Ended

Net cash provided by operating activities

$

$

$

$

Changes in operating assets and liabilities

Cash flows from operations before changes in operating assets and liabilities

$

$

$

$

Adjustments to free cash flow:

Upstream capital investment including noncontrolling interest - Egypt

Abandonment and decommissioning spend

Leasehold acquisition and other

(9)

(1)

Distributions to Sinopec noncontrolling interest

Free cash flow

$

$

$

$

Page 7

APA CORPORATION

NON-GAAP FINANCIAL MEASURES

(In millions)

Reconciliation of Net cash provided by operating activities to Adjusted EBITDAX

Management believes EBITDAX, or earnings before income tax expense, interest expense, depreciation, amortization and exploration expense is a widely accepted financial indicator, and useful for investors, to assess a company’s ability to incur and service debt, fund capital expenditures, and make distributions to shareholders. We define adjusted EBITDAX, a non-GAAP financial measure, as EBITDAX adjusted for certain items presented in the accompanying reconciliation. Management uses adjusted EBITDAX to evaluate our ability to fund our capital expenditures, debt services and other operational requirements and to compare our results from period to period by eliminating the impact of certain items that management does not consider to be representative of the Company’s on-going operations.

Management also believes adjusted EBITDAX facilitates investors and analysts in evaluating and comparing EBITDAX from period to period by eliminating differences caused by the existence and timing of certain operating expenses that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted EBITDAX may not be comparable to similar measures of other companies in our industry.

For the Quarter Ended

For the Six Months Ended

Net cash provided by operating activities

$

$

$

$

$

Adjustments:

Exploration expense other than dry hole expense and unproved leasehold impairments

Current income tax provision

Other adjustments to reconcile net income to net cash provided by operating activities

(5)

Changes in operating assets and liabilities

Financing costs, net (excludes gain on extinguishment of debt)

Transaction, reorganization & separation costs

Adjusted EBITDAX (Non-GAAP)

$

$

$

$

$

Reconciliation of debt to net debt

Net debt, or outstanding debt obligations less cash and cash equivalents, is a non-GAAP financial measure. Management uses net debt as a measure of the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand.

Current debt

$

$

$

$

2

Long-term debt

Total debt

Cash and cash equivalents

Net Debt

$

$

$

$

Page 8

APA CORPORATION

STATEMENT OF CONSOLIDATED OPERATIONS

(In millions, except per share data)

Reconciliation of Income attributable to common stock to Adjusted earnings

Our presentation of adjusted earnings and adjusted earnings per share are non-GAAP measures because they exclude the effect of certain items included in Income Attributable to Common Stock. Management believes that adjusted earnings and adjusted earnings per share provides relevant and useful information, which is widely used by analysts, investors and competitors in our industry as well as by our management in assessing the Company’s operational trends and comparability of results to our peers.

Management uses adjusted earnings and adjusted earnings per share to evaluate our operating and financial performance because it eliminates the impact of certain items that management does not consider to be representative of the Company’s on-going business operations. As a performance measure, adjusted earnings may be useful to investors in facilitating comparisons to others in the Company’s industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, capital structure and asset sales and other divestitures, among other factors. Management believes excluding these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted earnings and adjusted earnings per share may not be comparable to similar measures of other companies in our industry.

For the Quarter Ended

For the Quarter Ended

Before

Tax

After

Diluted

Before

Tax

After

Diluted

Tax

Impact

Tax

EPS

Tax

Impact

Tax

EPS

Net income including noncontrolling interests (GAAP)

$

$

$

$

$

$

$

$

Income attributable to noncontrolling interests

Net income attributable to common stock

Adjustments: *

Valuation allowance and EPL revaluation

—

—

—

—

—

Gain on extinguishment of debt

(3)

1

(2)

—

—

—

—

Unrealized derivative instrument gains

(3)

1

(2)

Loss on previously sold Gulf of America properties

—

—

—

—

(4)

Transaction, reorganization & separation costs

(4)

7

Gain on divestitures, net

Adjusted earnings (Non-GAAP)

$

$

$

$

$

$

$

$

For the Six Months Ended

For the Six Months Ended

Before

Tax

After

Diluted

Before

Tax

After

Diluted

Tax

Impact

Tax

EPS

Tax

Impact

Tax

EPS

Net income including noncontrolling interests (GAAP)

$

$

$

$

$

$

$

$

Income attributable to noncontrolling interests

Net income attributable to common stock

Adjustments: *

Asset and unproved leasehold impairments

—

—

—

—

(2)

8

Valuation allowance and EPL revaluation

—

—

Gain on extinguishment of debt

—

—

—

—

Unrealized derivative instrument (gains) losses

5

(1)

4

Loss on previously sold Gulf of America properties

—

—

—

—

Kinetik equity investment mark-to-market loss

—

—

—

—

9

—

9

Transaction, reorganization & separation costs

Gain on divestitures, net

Adjusted Earnings (Non-GAAP)

$

$

$

$

$

$

$

$

*The income tax effect of the reconciling items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides.

Page 9