APA (APA) investor relations material

Executive summary

• Achieved strong operational and financial performance in 2025, exceeding free cash flow targets and returning over 60% of free cash flow to shareholders through dividends and share repurchases.

• Advanced strategic priorities, including portfolio high-grading, cost reductions, and progress in key regions such as the Permian Basin, Egypt, Suriname, Alaska, and the North Sea.

• Maintained robust shareholder engagement, reaching out to holders of 68% of shares and incorporating feedback into strategy and compensation decisions.

• Continued focus on safety, environmental stewardship, and sustainable operations, achieving record-low incident rates and significant emissions reductions.

Voting matters and shareholder proposals

• Election of ten directors for one-year terms.

• Ratification of Ernst & Young LLP as independent auditor.

• Advisory vote on executive compensation (say-on-pay).

• Approval of amendment to the 2016 Omnibus Compensation Plan to extend its term and increase authorized shares.

Board of directors and corporate governance

• Board composed of a mix of experienced industry, financial, and governance professionals, with a strong focus on diversity and refreshment.

• All non-employee directors are independent under Nasdaq and SEC rules; committees are fully independent.

• Annual board and committee evaluations, with a focus on continuous improvement and compliance with overboarding limits.

• Board leadership structure separates the roles of non-executive chair and CEO.