SHARE FAIR 2014

APACHE NORTH SEA

5th November 2014

Certain statements in this presentation may contain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 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 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. Whenever possible, these “forward-looking statements” are identified by words such as “expects,” “believes,” “anticipates” 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. 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 uses certain terms in this presentation, such as “BO resource,” “BO Potential” and other similar terms that the SEC guidelines strictly prohibit Apache from including in filings with the SEC. “BO Resource,” “BO Potential” and other 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, 2011, and amendments thereto, 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

FORWARD-LOOKING STATEMENTS

APACHE NORTH SEA OVERVIEW

Most Efficient Operator

Top Tier North Sea Assets

Proven Ability to Extend Field Life

Additional Upside in Exploration

NORTH SEA – OPERATIONAL FOOTPRINT

Third Largest Oil Producer in the UK North Sea

10 Operated and 4 Non-Op Fields

8 Operated and 2 Non-Op Platforms

SAGE Pipeline and Gas Plant

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AB AA Z Y X W V U T S R Q P O N M L K J I H G F E D C B A

UKCS Companies

Industry Average 2011 = 7.70

Industry Average 2012 = 5.10

Industry Average 2013 = 5.57

Apache Performance, 2013

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HSE PERFORMANCE

Oil & Gas UK published health and safety statistics for UKCS Operating companies.

Apache is top quartile in terms of UKCS Safety Performance for Reportable Occurrences.This performance is mirrored for Personal Safety.

Source – Deloitte 2013 Top 20 UK Oil and Gas Producers; APA from 10-K

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TOP UK OIL & GAS PRODUCERS (2013 NET)

Third largest oil producer

Production Efficiency data was provided by the Production Efficiency Task Force, a task force of the UK government policy advisory group PILOT.

Apache at ~90% efficiency vs. operator average of ~60%

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APACHE “BEST IN CLASS” ACROSS THE UK

#1 in UK North Sea production efficiency in 2012 and 2013

Continuous improvements since 2003 acquisition

Apache has been in the top quartile since 2008

Line chart tracing Apache’s performance compared to all other UKCS operators

2013 2014 (est) 2015 (est)

Average POB Offshore 1,113 1,054 1,200

Annual Spend $1.3 bn $1.5 bn $1.7 bn

Active Drill strings 5 7 8

Tonnage transported 151,000 187,000 190,000

Dedicated Helicopters 4 5 5

NORTH SEA BUSINESS IN NUMBERS

DRILLING OVERVIEW

FORTIES:

2 – 3 drill strings in operation across the Forties assets throughout 2015.

Expecting to drill 10 – 12 wells, which will be a mixture of sidetracks from existing wells and wells from surface.

It is also expected that 10 – 14 workovers (ESP pumps etc.) will be completed.

BERYLS:

Current plan shows long term 2 string programme throughout 2015 in the Beryl field – one on Beryl Alpha and one on Beryl Bravo.

Both Alpha and Bravo expected to drill a mixture of new wells and workovers.

Beryl Alpha has potential for future rig upgrades.

PLATFORM DRILLING

MODUs:

Rig share with Shell for the hire of the Ocean Patriot – Apache contracted for 18 months of the initial 3 year term. (On hire to Apache Oct 2014)

Rig share with TAQA for the hire of the WilPhoenix – Apache contracted for 24 months of the initial 3 year term. (On hire to Apache early 2015)

The current workscope across both MODU’s includes the following:

New subsea production wells in existing fields, tied in to existing infrastructure

Sidetracks from existing wells

E&A wells in the Beryl Area and Central North Sea

Abandonments of subsea production wells

JACK-UP:

Ongoing HDJU contract for the Rowan Gorilla VII currently supporting FASP drilling.

MOBILE RIGS

PLATFORM DRILLING:

Significant number of major service contracts have been tendered in 2014, or are currently at ITT stage.

Forward workplan is updated on a quarterly basis with potential tendering activity in 2015 including, but not limited to, the following services:

Platform Drilling Services

Liner Hanger

Sand Control Services

Casing and Tubing Running Services

Permanent Downhole Gauges and Services

MOBILES:

All major service contracts tendered and now awarded.

Ongoing ad-hoc minor requirements may arise over contract duration.

DRILLING – CONTRACTING REQUIREMENTS

PROJECTS OVERVIEW

FORTIES:

Flowlines for drill wells

Alpha modifications for Aviat

Alpha slot recovery

Bravo and Delta lifeboat, davit and winch upgrades

Bravo Switchboard upgrade

Bravo and Delta 110V distribution upgrades

Charlie PA/GA upgrade

New Delta switchroom for future ESPs

Delta sandwash package

TOPSIDES PROJECTS – ONGOING / UPCOMING

Note that some of the above scopes will be managed through Petrofac Facilities Management - Apache’s EPC Contractor.

BERYL:

Flowlines for drill wells

New Alpha switchroom for future ESPs

Prep for Alpha 2016 major shutdown

Alpha gas export metering upgrades

Alpha crude transfer piping upgrade

Bravo Delta V control system upgrade

Bravo Crane upgrades

TOPSIDES PROJECTS – ONGOING / UPCOMING

Note that some of the above scopes will be managed through Petrofac Facilities Management - Apache’s EPC Contractor.

SAGE:

New liquid nitrogen storage and distribution facilities

Atlantic and Cromarty prep for demolition

TOPSIDES PROJECTS – ONGOING / UPCOMING

Note that some of the above scopes will be managed through Petrofac Facilities Management - Apache’s EPC Contractor.

SUBSEA PROJECTS ONGOING

BERYL:

BKA

Ness Nevis

Pig Receiver works at St Fergus

Maersk Leadon decommissioning

FORTIES:

Aviat – detailed design

FA – Slot recovery

Bacchus Well 4

Bacchus Well 1 water conversion

L4S

L4N

NTPBG2

NESS NEVIS – PLANNED 2015

L4S – Tie-in April 2015

NTP – Tie-in July 2015

L4N – Tie-in October 2015

BG2– Tie-in Summer 2015

NESS NEVIS INFILL TARGETS & INFRASTRUCTURE – 2016+

2 targets 2016

2 targets 2017

Up to 4 targets 2018

NNANCSL III/IVNCLNT

NCL INWB3LSWNSN

NSH WestNSPLP7LW3 water injectorNSBN

Replace 3 slot Distribution Unit

with 8 slot Distribution Unit

New Production

Line – 9.2km

New Distribution Unit

New Controls Umbilical - 8km

New WI & GL line OR New Production Line – 8km

New Power/ Sig Cable – 2km

New Distribution Unit

AVIAT GAS SUBSEA TIE-BACK

OUTLINE:

2 well tie-back via a 4 slot manifold to Forties Alpha using a 23km 8” steel flowline and umbilical

First Gas Q2 2016

FEED Complete

ECONOMICS:

P50 case recoverable reserves 55Bscf

Field life 15 years

BENEFITS:

Provides Forties with a fuel supply that allows for production sustainability and growth

Aviat is under Apache control, therefore no tariffs or interface with other operators

PROJECTS – CONTRACT REQUIREMENTS

TOPSIDES PROJECTS:

A number of projects are to be carried out in 2015 with procurement activities expected to commence in Q4 2014

Flowlines (engineering and procurement)

Beryl Alpha Area 3 conversion to Switchroom

Beryl Alpha UPS upgrades

Beryl Alpha subsea manifold piping upgrade

Forties Charlie lube oil coolers

Forties Charlie PA/GA upgrade

Forties Delta Package 7 partial conversion to Switchroom

SUBSEA PROJECTS:

Ness-Nevis Infill – Procurement of Flowline for 2016 (Long Lead Item, to be tendered in Jan 2015);

Ness-Nevis Infill – Procurement of Flowline Jumpers and Controls (long lead items, to be tendered before the end of 2014)

Aviat - Provision of Fabrication Services: Pipeline End Manifold (PLEM) / Tie-in Spools. (to be tendered Nov, 2014)

MAINTENANCE & INTEGRITY – CONTRACT REQUIREMENTS

MAINTENANCE SERVICES TO BE CONDUCTED IN 2014 / 2015:

Q1 - 2015 : Offshore Module and TR Doors - Supply, Maintenance and Repair

Q2 - 2015 : Fixed Lifting Equipment - Inspection and Certification

Q2 - 2015 : Hydraulic Services – Flushing, testing and repair

SPECIALISED MAINTENANCE SUPPORT REQUIREMENTS:

Production and Deep Gas Lift Gas Compressors – Maintenance and overhaul and provision of Engineering and experienced Offshore resources

Equipment LSA Decontamination – Onshore UK

Electrical Motor – Supply and repairs

Valves – Provision of new and or repaired Control, choke and block valves

Diesel Systems – Audit, Managing and testing

INTEGRITY TENDERS TO BE CONDUCTED IN 2014/2015 :

Q4 - 2014 : Pipe, Fittings and Flanges (incl studbolts, gaskets)

Q1 - 2015 : Pipeline and Process Services

CHALLENGES

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CHALLENGE: HOW TO DO MORE WITH LESS

Rising OPEX Costs are not sustainable

DRILLING CHALLENGES

COST CONTROL:

As targets become smaller and smaller, control of cost is essential to ensure operation is commercially viable.

ABANDONMENT WELLS:

Sourcing alternative, non-rig based, abandonment technology.

CUTTINGS AND HANDLING:

Issues with OBM cuttings handling and disposal in addition to concerns around high-ROP drilling.

EQUIPMENT:

Longer lead times for critical equipment, with the added complexity of mixing old technology with new equipment e.g. wellheads, downhole gauges, tubing hangars, tubing spools etc.

PROJECTS CHALLENGES

Not technical challenges but behavioural issues…

Leadership

Sense of Urgency

Devolved Decision Making

Responsibility, Accountability and Authority

Best Answers Win

Respect, Integrity and Trust

MAINTENANCE KEY CHALLENGES:

Maintaining healthcare of Top Tier equipment

Combating Equipment Obsolesence

Cost containment

Identifying new and more efficient working methods

Working with OEMs and other specialist contractors Apache is striving to meet these challenges and thereby maximise Production Efficiency.

MAINTENANCE CHALLENGES

INTEGRITY CHALLENGES

INTEGRITY KEY CHALLENGES:

Use of advanced NDT screening tools

Greater coverage and sufficient accuracy to reduce the need for reliance on standard NDTtechniques

Pipework with known corrosion defects(e.g. pipework in diesel legs)

Requirement for internal liners/barriers

Large volume of underdeck work to be carried out in near future

Scaffolding is costly and inefficient

Requirement for quick and suitable access platforms

CONTACTS AND PURCHASING

INDUSTRY ENGAGEMENT

Access to wider and diverse supplier markets

Participation in Regional Share Fairs (Norwich, Newcastle)

Membership of Energy North

Industry collaboration

Active participation in Oil & Gas UK

Supply Chain Forum

Cost Efficiency Task Group

Production Efficiency Task Group

LOGIC Standard Contracts Committee

Members of:

Subsea UK

Society of Underwater Technology (SUT)

IMCA

APM

Supply Chain Code of Practice

Attained ‘gold standard’ compliance with the SCCoP for 3 consecutive years

SUPPLY CHAIN – CONTRACTS AND PURCHASING

FIRST POINT ASSESSMENT LTD (FPAL):

Apache uses FPAL as it’s ‘vendor database’to identify potential suppliers.

Registration with FPAL is a prerequisite fordoing business with Apache.

CONTRACT PHILOSOPHY:

Preference for longer term agreements, typically 3 years with ext options.

Consolidation of workscopes into single agreements combining multiple asset requirements.

CONTRACTOR SELECTION:

Competitive pricing and ability to deliver value

Technical Capability including Innovation, Enterprise and proven Expertise

Evidence of Safety, Health and Environment culture, focus and performance

Alignment with Apache Business Conduct standards and Ethics

Financial Stability and Integrity

SUPPLY CHAIN – KEY CONTACTS

ARCHER Platform Drilling Services

ASCO UK LTD Shorebase and Logistics Services

BAKER HUGHES LTD Wireline and E-Line Services

BAKER HUGHES LTDProduction Chemicals and Services

BAKER HUGHES LTD Directional Drilling, LWD, MWD,

BILFINGER SALAMIS Fabric Maintenance Svs-Beryl

BRITISH AMERICAN OFFSHORE LTD

Rowan Gorilla VII HDJU

CALEDONIAN PETROLEUM SERVICES

Construction and Fabrication Services

CAN (OFFSHORE) LTDTopsides Inspection and Integrity Support

ENERMECH LTDCrane operations andmaintenance

ENTIER LTD Catering and Hotel services

EXPRO NORTH SEA LTD Well Services

HALLIBURTON Directional Drilling, LWD and MWD, Cementing

HARKLAND ISS / EMAS Subsea Installation

PETROFAC FACILITIES MANAGEMENT LTD

Onshore Engineering and Offshore Construction Services

SCHLUMBERGER OFFSHORE SERVICES

Cementing services - Forties

SCHLUMBERGER OFFSHORE SERVICES

Wireline and E-Line Services

SCHLUMBERGER OILFIELD UK PLC

ESP systems

SCORE (EUROPE) LTD PSV Maintenance Services

STORK TECHNICAL SVSFabric maintenance services –Forties and SAGE

TIER 1 KEY CONTRACTORS

On an ongoing basis Apache reviews its contract and tendering requirements for the next 15 months.

The intent of this is to ensure that Apache can plan and properly manage its’ contract and tendering activity.

Apache is also signed up to PILOT Forward Workplan, a web based information sharing website to provide up to date information on business opportunities with Apache for the Supply Chain: www.fpal.com and click on ‘Forward Workplan’

FORWARD PLANNING

Q&A