Apache 8-K Apache Corporation Announces Third-quarter 2016

Exhibit 99.1

NEWS RELEASE

APACHE CORPORATION ANNOUNCES THIRD-QUARTER 2016

FINANCIAL AND OPERATIONAL RESULTS

• Confirmed discovery of significant resource play at Alpine High in the Delaware Basin;

• Delivered third-quarter production of 520,000 barrels of oil equivalent (Boe) per day and adjusted production of 438,000 Boe per day, which excludes Egypt noncontrolling interest and tax barrels;

• Plan to increase development drilling in the Midland Basin with the addition of three rigs in the fourth quarter; and

• Expect to end 2016 at the high end of North American Onshore production guidance and at the midpoint for International and Offshore production guidance.

HOUSTON, Nov. 3, 2016 – Apache Corporation (NYSE, Nasdaq: APA) today announced its financial and operational results for the third quarter of 2016.

Apache reported a loss of $607 million or $1.60 per diluted common share during the third quarter of 2016. These results include a number of items outside of core earnings that are typically excluded by the investment community in their published earnings estimates. When adjusted for these and certain additional items that impact the comparability of results, Apache’s third-quarter loss totaled $12 million, or $0.03 per share. Net cash provided by operating activities was $651 million, and adjusted earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (adjusted EBITDAX) was $896 million. Apache ended the quarter with $1.2 billion of cash, unchanged from the end of the second quarter.

“Our exploration success and financial results in the third quarter demonstrate the transformation that is taking place at Apache. During the quarter, Apache announced the discovery of an immense unconventional play in the Delaware Basin, Alpine High. Apache’s

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extensive position in the play, which now totals 320,000 net acres, is an excellent example of our strategic focus on organic growth and strong technical capabilities. Our goal over time will be to ensure that we develop Alpine High in a methodical, efficient and environmentally responsible way for the benefit of our shareholders and other stakeholders,” said John J. Christmann IV, Apache’s chief executive officer and president.

“Our deliberate focus on strategic testing during the downturn not only yielded excellent results with our Alpine High discovery, but also significantly improved our results in our Midland and Delaware Basin focus areas. Our economic drilling inventory in the Permian Basin is more extensive today than at any time in the company’s history, and we expect it will continue to grow as we further delineate our vast acreage position in the basin,” said Christmann.

Third-quarter financial position and liquidity

During the third quarter, total capital investment, excluding Egypt noncontrolling interest, was $466 million. At quarter end, Apache’s long-term debt remained unchanged at $8.7 billion. The company plans to balance capital spending with cash flow in the fourth quarter and expects that positive cash contributions from working capital and proceeds from noncore asset sales will enable it to achieve its targeted cash position of $1.5 billion at year-end.

Third-quarter operational summary

Apache reported global production of 520,000 Boe per day and adjusted production of 438,000 Boe per day, which excludes Egypt noncontrolling interest and tax barrels. In North America Onshore, production was 270,000 Boe per day while adjusted International and Offshore production was 168,000 Boe per day.

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Highlights from Apache’s key operating areas include:

• North America Onshore – Apache placed on production 35 gross-operated wells during the third quarter, predominantly in the Permian Basin.

• In the Delaware Basin at Alpine High, the company placed five gross-operated wells on production, three of which were disclosed in September. The fourth and fifth wells both targeted the Woodford formation and have confirmed Apache’s geologic model and provided further data on the aerial extent and stratigraphic dimension of the play. The Redwood 1H is an over-pressured Woodford well that achieved a peak 24-hour rate of 18 million cubic feet of gas (MMcf) per day. The Blackhawk 1H is a normally pressured Woodford well that tested at a peak 24-hour rate of 5.3 MMcf of gas per day with 224 barrels of oil per day and 245 barrels of NGLs per day.

• Elsewhere in the Delaware Basin, the company placed eight gross-operated wells on production, including the Pelican 106H, which achieved a 30-day average initial production (IP) rate of 942 Boe per day from a 4,700-foot lateral in the third Bone Springs formation at the company’s Pecos Bend area.

• In the Midland Basin, Northwest Shelf and Central Basin Platform, the company placed 16 gross-operated wells on production, including 13 wells (nine horizontal and four vertical) in the Yeso play on the Northwest Shelf where low well costs and strong initial production rates generate attractive economics at current oil prices.

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• Outside of the Permian Basin, a Lower Montney well in the company’s Wapiti focus area in Alberta tested at an initial rate of 10.6 MMcf of natural gas per day and 2,000 barrels of condensate per day with an estimated total drill and complete cost of $6.2 million.

• North Sea – Production in the quarter averaged 62,000 Boe per day, down from the previous quarter due to maintenance and third-party facility down time. The company achieved its third consecutive exploration success near the Beryl Field with a discovery in two separate fault blocks at the recently drilled Storr prospect. Results were in line with pre-drill estimates and underscore the benefits of recent vintage 3-D seismic data and the long-term exploration potential in the Beryl area.

• Egypt – Gross production averaged 350,000 Boe per day, and net production, excluding noncontrolling interest and tax barrels, averaged 98,000 Boe per day. Apache placed nine wells on production during the quarter. The company continues to benefit from an optimized drilling program, achieving a 90-percent success rate for wells drilled during the first nine months of the year.

2016 outlook and plan update

Apache’s 2016 capital expenditures are tracking in line with its guidance of $2 billion. Following strong production and drilling results year-to-date, the company expects to end 2016 at the high end of North American Onshore production guidance of 268,000 to 278,000 Boe per day and at the midpoint of International and Offshore production guidance of 170,000 to 180,000 Boe per day. In the fourth quarter, the company plans to increase development drilling activity in the Midland Basin with the addition of three rigs. This will bring the total number of rigs drilling in the Midland Basin to five and will help contribute to the Permian Region’s return to a growth trajectory in the second half of 2017.

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“We believe long-term shareholder value is created by living within our means, protecting our strong financial position and organically building high-quality drilling inventory. Our recent discovery at Alpine High is an example of the long-term value we seek to create and is a testament to our strategy and focus during the downturn. We look forward to discussing Alpine High results in more detail over the coming months as our delineation program progresses,” Christmann said.

Conference call

Apache will host a conference call to discuss its third-quarter 2016 results at 1 p.m. Central time, Thursday, Nov. 3. The conference call will be webcast from Apache’s website atwww.apachecorp.com andinvestor.apachecorp.com, and the webcast replay will be archived there as well. The conference call will also be available for playback by telephone for one week beginning at approximately 4 p.m. Central time Nov. 3. To access the telephone playback, dial 855-859-2056 or 404-537-3406 for international calls. The conference access code is 13749619.

Sign up for email alerts to be reminded of the webcast athttp://investor.apachecorp.com/alerts.cfm.

Additional information

Additional information follows, including reconciliations of adjusted earnings and adjusted EBITDAX to GAAP measures and information regarding adjusted production. Apache’s quarterly supplement is available atwww.apachecorp.com/quarterlyresults.

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About Apache

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt and the United Kingdom. Apache posts announcements, operational updates, investor information and all press releases on its website, www.apachecorp.com, and on its Media and Investor Center mobile application, which is available for free download from theApple App Store andGoogle’s Play store. To sign up to receive email alerts regarding news and other website updates, please visithttp://investor.apachecorp.com/alerts.cfm.

Non-GAAP financial measures

Apache’s financial information includes information prepared in conformity with generally accepted accounting principles (GAAP) as well as non-GAAP 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 and adjusted EBITDAX 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.

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,” “estimates,” “expects,” “guidance,” and similar references to future periods. These statements include, but are not limited to, statements about future plans, expectations and objectives for Apache’s operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. 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 our 2015 Form 10-K filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us 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. We 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.

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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 may use certain terms in this earnings release, such as “resources,” “potential resources,” “resource potential,” “estimated net reserves,” “recoverable reserves,” and other similar terms that the SEC guidelines strictly prohibit Apache 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 Apache’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2015, available from Apache at www.apachecorp.com or by writing Apache at: 2000 Post Oak Blvd., Suite 100, Houston, TX 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 atwww.sec.gov.

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Contacts

Investor:	(281) 302-2286         Gary Clark
Media:	(713) 296-7189         Castlen Kennedy
Website: www.apachecorp.com

-end-

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APACHE CORPORATION

STATEMENT OF CONSOLIDATED OPERATIONS

(Unaudited)

(In millions, except per share data)

	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
	2016			2015			2016			2015
REVENUES AND OTHER:
Oil revenues	$	1,117		$	1,238		$	3,057		$	4,149
Gas revenues		263			318			695			941
NGL revenues		59			50			160			166
Oil and gas production revenues		1,439			1,606			3,912			5,256
Other		(6	)		(75	)		(30	)		(53	)
Gain (loss) on divestiture		5			(5	)		21			204
		1,438			1,526			3,903			5,407
COSTS AND EXPENSES:
Lease operating expenses		382			450			1,119			1,398
Gathering and transportation		51			58			155			163
Taxes other than income		9			104			85			232
Exploration expense		161			223			347			706
General and administrative		102			89			298			284
Depreciation, depletion and amortization
Oil and gas property and equipment		610			793			1,875			2,247
Other assets		38			79			120			245
Asset retirement obligation accretion		40			37			116			109
Impairments		836			3,903			1,009			6,327
Transaction, reorganization & separation costs		12			—			36			120
Financing costs, net		102			160			311			401
		2,343			5,896			5,471			12,232
INCOME (LOSS) BEFORE INCOME TAXES		(905	)		(4,370	)		(1,568	)		(6,825	)
Current income tax provision (benefit)		150			(270	)		284			578
Deferred income tax provision (benefit)		(529	)		19			(755	)		(1,299	)
INCOME (LOSS) FROM CONTINUING OPS INCLUDING NONCONTROLLING INTEREST		(526	)		(4,119	)		(1,097	)		(6,104	)
Income (Loss) from discontinued operations, net of tax		(33	)		(17	)		(33	)		(135	)
INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST		(559	)		(4,136	)		(1,130	)		(6,239	)
Net income attributable to noncontrolling interest		48			7			93			98
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	$	(607	)	$	(4,143	)	$	(1,223	)	$	(6,337	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS
Net income (loss) from continuing operations attributable to common shareholders	$	(574	)	$	(4,126	)	$	(1,190	)	$	(6,202	)
Net income (loss) from discontinued operations		(33	)		(17	)		(33	)		(135	)
Net income (loss) attributable to common shareholders	$	(607	)	$	(4,143	)	$	(1,223	)	$	(6,337	)
BASIC NET INCOME (LOSS) PER COMMON SHARE:
Basic net income (loss) from continuing operations per share	$	(1.51	)	$	(10.91	)	$	(3.14	)	$	(16.42	)
Basic net income (loss) from discontinued operations per share		(0.09	)		(0.04	)		(0.08	)		(0.36	)
Basic net income (loss) per share	$	(1.60	)	$	(10.95	)	$	(3.22	)	$	(16.78	)
DILUTED NET INCOME (LOSS) PER COMMON SHARE:
Diluted net income (loss) from continuing operations per share	$	(1.51	)	$	(10.91	)	$	(3.14	)	$	(16.42	)
Diluted net income (loss) from discontinued operations per share		(0.09	)		(0.04	)		(0.08	)		(0.36	)
Diluted net income (loss) per share	$	(1.60	)	$	(10.95	)	$	(3.22	)	$	(16.78	)
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic		380			378			379			378
Diluted		380			378			379			378
DIVIDENDS DECLARED PER COMMON SHARE	$	0.25		$	0.25		$	0.75		$	0.75

NOTE: All amounts included herein are stated under successful efforts.

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APACHE CORPORATION

PRODUCTION INFORMATION

	For the Quarter Ended						% Change						For the Nine Months Ended
	September 30, 2016		June 30, 2016		September 30, 2015		3Q16 to 2Q16			3Q16 to 3Q15			September 30, 2016		September 30, 2015
OIL VOLUME—Barrels per day
Permian		79,751		86,430		93,048		-8	%		-14	%		86,462		95,103
MidContinent/Gulf Coast Region		13,727		15,959		21,486		-14	%		-36	%		16,025		24,052
Canada		12,619		12,917		14,795		-2	%		-15	%		13,331		15,812
N.A. Onshore		106,097		115,306		129,329		-8	%		-18	%		115,818		134,967
Gulf of Mexico		4,791		4,352		5,878		10	%		-18	%		4,437		5,739
Egypt(1, 2)		110,809		106,223		97,173		4	%		14	%		105,118		98,712
North Sea		49,192		59,124		58,330		-17	%		-16	%		55,071		59,622
International & GOM(1)		164,792		169,699		161,381		-3	%		2	%		164,626		164,073
Total(1)		270,889		285,005		290,710		-5	%		-7	%		280,444		299,040
TOTAL LIQUIDS—Barrels per day
Permian		119,680		125,118		128,973		-4	%		-7	%		125,178		128,178
MidContinent/Gulf Coast Region		29,565		32,578		39,808		-9	%		-26	%		32,777		42,786
Canada		18,658		18,009		21,235		4	%		-12	%		19,210		21,853
N.A. Onshore		167,903		175,705		190,016		-4	%		-12	%		177,165		192,817
Gulf of Mexico		5,379		4,677		6,582		15	%		-18	%		4,866		6,331
Egypt(1, 2)		111,933		107,173		98,272		4	%		14	%		106,238		99,881
North Sea		50,889		60,687		59,770		-16	%		-15	%		56,628		60,675
International & GOM(1)		168,201		172,537		164,624		-3	%		2	%		167,732		166,887
Total(1)		336,104		348,242		354,640		-3	%		-5	%		344,897		359,704
NATURAL GAS VOLUME—Mcf per day
Permian		237,313		242,019		246,141		-2	%		-4	%		240,253		232,603
MidContinent/Gulf Coast Region		141,273		148,841		179,578		-5	%		-21	%		148,336		189,823
Canada		233,635		246,830		270,027		-5	%		-13	%		248,912		280,120
N.A. Onshore		612,221		637,690		695,746		-4	%		-12	%		637,501		702,546
Gulf of Mexico		16,476		17,266		19,520		-5	%		-16	%		15,693		20,224
Egypt(1, 2)		405,863		408,013		399,434		-1	%		2	%		403,832		378,367
North Sea		69,509		60,318		81,392		15	%		-15	%		66,884		62,848
International & GOM(1)		491,848		485,597		500,346		1	%		-2	%		486,409		461,439
Total(1)		1,104,069		1,123,287		1,196,092		-2	%		-8	%		1,123,910		1,163,985
BOE per day
Permian		159,232		165,455		169,997		-4	%		-6	%		165,221		166,945
MidContinent/Gulf Coast Region		53,111		57,384		69,737		-7	%		-24	%		57,500		74,423
Canada		57,597		59,148		66,239		-3	%		-13	%		60,695		68,541
N.A. Onshore		269,940		281,987		305,973		-4	%		-12	%		283,416		309,909
Gulf of Mexico		8,125		7,554		9,835		8	%		-17	%		7,481		9,701
Egypt(1, 2)		179,575		175,175		164,845		3	%		9	%		173,544		158,498
North Sea		62,475		70,740		73,335		-12	%		-15	%		67,775		71,149
International & GOM(1)		250,175		253,469		248,015		-1	%		1	%		248,800		239,348
Total(1)		520,115		535,456		553,988		-3	%		-6	%		532,216		549,257
Total excluding noncontrolling interests		460,363		477,110		502,040		-4	%		-8	%		474,447		496,169
(1)      Includes net production volumes attributed to our noncontrolling partner in Egypt below:
Oil (b/d)		36,839		35,357		30,671								34,964		31,530
Gas (Mcf/d)		135,233		136,029		125,657								134,591		127,186
NGL (b/d)		374		317		334								373		360
(2)      Egypt Gross Production—BOE per day		350,366		349,689		362,073		0	%		-3	%		351,015		351,812
Discontinued Operations:
Oil (b/d)		—		—		—								—		10,175
Gas (Mcf/d)		—		—		—								—		125,831
NGL (b/d)		—		—		—								—		—
BOE/d		—		—		—								—		31,146

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APACHE 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) divested assets, 2) noncontrolling interest in Egypt, and 3) 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 Nine Months Ended
	September 30, 2016		June 30, 2016		September 30, 2015		3Q16 to 2Q16			3Q16 to 3Q15			September 30, 2016		September 30, 2015
OIL VOLUME—Barrels per day
Permian		79,751		86,430		93,048		-8	%		-14	%		86,462		95,103
MidContinent/Gulf Coast Region		13,727		15,959		21,441		-14	%		-36	%		16,025		24,036
Canada		12,613		12,987		14,795		-3	%		-15	%		13,333		15,789
N.A. Onshore		106,091		115,376		129,284		-8	%		-18	%		115,820		134,928
Gulf of Mexico		4,791		4,352		5,878		10	%		-18	%		4,437		5,739
Egypt		57,476		57,955		56,972		-1	%		1	%		58,439		55,470
North Sea		49,192		59,124		58,330		-17	%		-16	%		55,071		58,765
International & GOM		111,459		121,431		121,180		-8	%		-8	%		117,947		119,974
Total		217,550		236,807		250,464		-8	%		-13	%		233,767		254,902
TOTAL LIQUIDS—Barrels per day
Permian		119,680		125,118		128,973		-4	%		-7	%		125,178		128,178
MidContinent/Gulf Coast Region		29,565		32,578		39,763		-9	%		-26	%		32,777		42,742
Canada		18,595		18,133		21,238		3	%		-12	%		19,204		21,819
N.A. Onshore		167,840		175,829		189,974		-5	%		-12	%		177,159		192,739
Gulf of Mexico		5,379		4,677		6,582		15	%		-18	%		4,866		6,331
Egypt		58,107		58,565		57,597		-1	%		1	%		59,139		56,104
North Sea		50,889		60,687		59,770		-16	%		-15	%		56,628		59,794
International & GOM		114,375		123,929		123,949		-8	%		-8	%		120,633		122,229
Total		282,215		299,758		313,923		-6	%		-10	%		297,792		314,968
NATURAL GAS VOLUME—Mcf per day
Permian		237,313		242,019		246,141		-2	%		-4	%		240,253		232,603
MidContinent/Gulf Coast Region		141,273		148,841		179,980		-5	%		-22	%		148,336		190,535
Canada		233,505		245,682		269,774		-5	%		-13	%		248,426		279,257
N.A. Onshore		612,091		636,542		695,895		-4	%		-12	%		637,015		702,395
Gulf of Mexico		16,476		17,266		19,520		-5	%		-16	%		15,693		20,224
Egypt		236,740		251,983		238,104		-6	%		-1	%		248,094		231,636
North Sea		69,509		60,318		81,392		15	%		-15	%		66,884		62,186
International & GOM		322,725		329,567		339,016		-2	%		-5	%		330,671		314,046
Total		934,816		966,109		1,034,911		-3	%		-10	%		967,686		1,016,441
BOE per day
Permian		159,232		165,455		169,997		-4	%		-6	%		165,221		166,945
MidContinent/Gulf Coast Region		53,111		57,384		69,771		-7	%		-24	%		57,500		74,497
Canada		57,513		59,079		66,190		-3	%		-13	%		60,608		68,362
N.A. Onshore		269,856		281,918		305,958		-4	%		-12	%		283,329		309,804
Gulf of Mexico		8,125		7,554		9,835		8	%		-17	%		7,481		9,701
Egypt		97,564		100,562		97,281		-3	%		0	%		100,488		94,710
North Sea		62,475		70,740		73,335		-12	%		-15	%		67,775		70,159
International & GOM		168,164		178,856		180,451		-6	%		-7	%		175,744		174,570
Total		438,020		460,774		486,409		-5	%		-10	%		459,073		484,374

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APACHE CORPORATION

PRICE INFORMATION

	For the Quarter Ended						For the Nine Months Ended
	September 30, 2016		June 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
AVERAGE OIL PRICE PER BARREL
Permian	$	41.85	$	41.82	$	44.87	$	37.63	$	47.78
MidContinent/Gulf Coast Region		41.98		42.17		42.67		36.96		47.49
Canada		40.17		39.39		40.07		36.04		44.00
N.A. Onshore		41.67		41.65		43.98		37.36		47.28
Gulf of Mexico		41.63		41.14		45.30		37.75		49.42
Egypt		46.54		45.42		47.63		41.97		53.59
North Sea		45.47		45.56		49.46		41.28		54.42
Total		44.35		43.14		46.30		39.86		50.82
AVERAGE NATURAL GAS PRICE PER MCF
Permian	$	2.60	$	1.72	$	2.61	$	2.03	$	2.43
MidContinent/Gulf Coast Region		2.79		1.71		2.49		2.05		2.58
Canada		1.71		1.01		2.39		1.47		2.44
N.A. Onshore		2.31		1.43		2.46		1.80		2.45
Gulf of Mexico		3.08		2.04		2.75		2.42		2.76
Egypt		2.75		2.72		2.86		2.69		2.90
North Sea		4.14		3.95		6.41		4.12		6.95
Total		2.59		2.04		2.89		2.26		2.85
AVERAGE NGL PRICE PER BARREL
Permian	$	10.42	$	10.00	$	8.51	$	9.08	$	10.00
MidContinent/Gulf Coast Region		7.38		9.32		7.47		7.67		9.05
Canada		6.10		8.54		3.23		6.61		6.12
N.A. Onshore		9.22		9.69		7.63		8.46		9.29
Gulf of Mexico		12.93		NM		11.44		8.49		13.12
Egypt		28.12		27.68		26.94		27.54		30.49
North Sea		24.45		22.25		25.61		21.82		26.76
Total		9.97		10.22		8.41		9.11		10.04
Discontinued Operations:
Oil price ($/Bbl)	$	—	$	—	$	—	$	—	$	49.76
Gas price ($/Mcf)		—		—		—		—		4.07
NGL price ($/Bbl)		—		—		—		—		—

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APACHE CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION

SUMMARY EXPLORATION EXPENSE INFORMATION

(Unaudited)

(In millions)

	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2016		2015		2016		2015
Unproved leasehold impairments	$	114	$	199	$	222	$	515
Dry hole expense		7		—		38		69
Geological and geophysical expense		21		8		30		55
Exploration overhead and other		19		16		57		67
	$	161	$	223	$	347	$	706

SUMMARY CASH FLOW INFORMATION

(Unaudited)

(In millions)

	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
	2016			2015			2016			2015
Net cash provided by continuing operating activities	$	651		$	757		$	1,634		$	2,380
Net cash provided by (used in) discontinued operations		—			(46	)		—			113
Net cash provided by operating activities		651			711			1,634			2,493
Net cash used in investing activities		(396	)		(927	)		(1,362	)		(3,026	)
Net cash provided by discontinued operations		—			—			—			4,372
Net cash provided by (used in) investing activities		(396	)		(927	)		(1,362	)		1,346
Net cash used in financing activities		(226	)		(1,079	)		(509	)		(2,863	)

NOTE: All amounts included herein are stated under successful efforts.

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APACHE CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION

SUMMARY BALANCE SHEET INFORMATION

(Unaudited)

(In millions)

	September 30, 2016		December 31, 2015
Cash and Cash Equivalents	$	1,230	$	1,467
Other Current Assets		2,042		2,285
Property and Equipment, net		19,462		20,838
Other Assets		415		910
Total Assets	$	23,149	$	25,500
Current Liabilities	$	1,628	$	1,841
Long-Term Debt		8,721		8,716
Deferred Credits and Other Noncurrent Liabilities		4,851		5,453
Apache Shareholders’ Equity		6,469		7,888
Noncontrolling interest		1,480		1,602
Total Liabilities and Shareholders’ Equity	$	23,149	$	25,500
Common shares outstanding at end of period		379		377

SUMMARY OF COSTS INCURRED AND GTP CAPITAL INVESTMENTS

(Unaudited)

(In millions)

	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2016		2015		2016		2015
Costs Incurred in Oil and Gas Property:
Acquisitions
Proved	$	2	$	2	$	43	$	2
Unproved		52		124		160		252
Exploration and Development		408		807		1,308		3,140
		462		933		1,511		3,394
GTP Capital Investments:
GTP Facilities		31		13		31		273
Total Costs Incurred and GTP Capital Investments	$	493	$	946	$	1,542	$	3,667

NOTE: All amounts included herein are stated under successful efforts.

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APACHE CORPORATION

NON-GAAP FINANCIAL MEASURES

(In millions, except per share data)

Reconciliation of net cash provided by continuing 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 September 30,						For the Nine Months Ended September 30,
	2016			2015			2016			2015
Net cash provided by continuing operating activities	$	651		$	757		$	1,634		$	2,380
Adjustments:
Exploration expense, excluding dry hole expense and unproved leasehold impairments		40			24			87			122
Current income tax provision (benefit)		150			(270	)		284			578
Other adjustments to reconcile net loss to net cash provided by operating activities		(35	)		(54	)		(126	)		(80	)
Changes in operating assets and liabilities		(31	)		213			(1	)		(395	)
Financing costs, net		102			160			311			401
Transaction, reorganization & separation costs		12			—			36			120
Contract termination charges		7			41			10			84
Adjusted EBITDAX (Non-GAAP)	$	896		$	871		$	2,235		$	3,210

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 September 30, 2016												For the Quarter Ended September 30, 2015
	Before Tax			Tax Impact			After Tax			Diluted EPS			Before Tax			Tax Impact			After Tax			Diluted EPS
Income (Loss) Attributable to Common Stock (GAAP)	$	(986	)	$	379		$	(607	)		(1.60	)	$	(4,394	)	$	251		$	(4,143	)		(10.95	)
Adjustments: *
Asset impairments		951			(323	)		628			1.65			4,076			(1,369	)		2,707			7.15
Transaction, reorganization & separation costs		12			(4	)		8			0.02			1			—			1			—
Discontinued operations		33			—			33			0.08			17			—			17			0.05
Contract termination charges		7			(3	)		4			0.01			41			(15	)		26			0.07
Loss on extinguishment of debt		—			—			—			—			39			(14	)		25			0.07
Elimination of PRT liability		(28	)		11			(17	)		(0.04	)		—			—			—			—
(Gain) / loss on divestitures		(5	)		2			(3	)		—			5			(2	)		3			0.01
Valuation allowance and other tax adjustments		—			(58	)		(58	)		(0.15	)		—			1,331			1,331			3.51
Adjusted Earnings (Non-GAAP)	$	(16	)	$	4		$	(12	)		(0.03	)	$	(215	)	$	182		$	(33	)		(0.09	)
	Nine Months Ended September 30, 2016												Nine Months Ended September 30, 2015
	Before Tax			Tax Impact			After Tax			Diluted EPS			Before Tax			Tax Impact			After Tax			Diluted EPS
Income (Loss) Attributable to Common Stock (GAAP)	$	(1,694	)	$	471		$	(1,223	)		(3.22	)	$	(7,058	)	$	721		$	(6,337	)		(16.78	)
Adjustments: *
Asset impairments		1,232			(437	)		795			2.09			6,812			(2,289	)		4,523			11.95
Transaction, reorganization & separation costs		36			(12	)		24			0.06			120			(41	)		79			0.21
Discontinued operations		33			—			33			0.08			135			—			135			0.36
Contract termination charges		10			(3	)		7			0.02			84			(30	)		54			0.16
Loss on extinguishment of debt		—			—			—			—			39			(14	)		25			0.07
(Gain) / loss on divestitures		(21	)		6			(15	)		(0.04	)		(204	)		73			(131	)		(0.34	)
Valuation allowance and other tax adjustments		—			(29	)		(29	)		(0.07	)		—			1,718			1,718			4.54
Adjusted Earnings (Non-GAAP)	$	(404	)	$	(4	)	$	(408	)		(1.08	)	$	(72	)	$	138		$	66			0.17

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

NOTE: All amounts included herein are stated under successful efforts.

Page 7