APA (APA) Proxy Filing summary

Executive summary

• Achieved significant milestones in 2024, including the acquisition of Callon Petroleum and divestment of mature Permian assets, focusing U.S. operations on unconventional assets and strengthening the Permian Basin portfolio.

• Returned 71% of free cash flow to shareholders, exceeding the 60% target, through $246 million in share repurchases and $353 million in dividends; achieved investment-grade status with all three rating agencies.

• Reported 2024 production of approximately 455,000 BOE/day, with improvements in drilling efficiency and cost reductions; targeting $350 million in sustainable annual savings by end of 2027.

• Engaged with shareholders representing 63% of shares outstanding, with executive compensation transparency and alignment as a key focus.

• Maintained record-low safety incident rates and advanced sustainability initiatives, including emissions reduction and community engagement.

Voting matters and shareholder proposals

• Shareholders will vote on the election of eleven directors, ratification of Ernst & Young LLP as independent auditor, and an advisory vote on executive compensation (say-on-pay).

• Board recommends voting FOR all nominees and proposals.

Board of directors and corporate governance

• Board consists of a mix of industry, financial, and governance experts, with recent refreshment adding seven new directors in six years.

• All non-employee directors are independent; board committees (Audit, CRG&N, Cybersecurity, MD&C) are fully independent.

• Annual board and committee evaluations are conducted, including independent third-party assessments.

• Board leadership is separated between a non-executive chair and CEO, with annual election of the independent chair.

• Directors are subject to overboarding limits and must meet stock ownership requirements.