APA (APA) EnerCom Denver – The Energy Investment Conference summary

Key themes and industry outlook

• Exploration is regaining importance as shale plays mature and global oil demand forecasts show a need for new large-scale discoveries over the next two to three decades.

• Companies with diversified portfolios in super basins like the Permian, Egypt, Suriname, Alaska, and Uruguay are well positioned for future growth.

• Successful exploration, especially in underexplored regions, can significantly impact even the largest industry players, as seen in Guyana and recent major discoveries worldwide.

• Technological advances in seismic and data analysis have improved wildcat well success rates, making exploration more attractive.

• Maintaining exploration expertise and mentoring younger professionals is critical as the industry faces a talent gap and a shift away from pure-play shale strategies.

Strategic outlook and forward-looking statements

• Management outlined expectations for financial and operating results, capital expenditures, and production guidance, emphasizing inherent risks and uncertainties in projections.

• Forward-looking statements include plans for cost reductions, asset divestitures, and exploration activities across multiple regions.

• Statements caution that actual results may differ materially due to various operational and market factors.

Global exploration and investment highlights

• Reported production reached 465 Mboe/d, with $2.3 billion planned for 2025 upstream capital investment and $65 million for exploration.

• Over $850 million allocated to exploration capital from 2020–2025, including Suriname appraisal.

• Operations span the United States, Egypt, United Kingdom, Suriname, and Uruguay, focusing on both oil and gas exploration.