Exhibit 99.1

NEWS RELEASE

APACHE CORPORATION ANNOUNCES FIRST-QUARTER 2018

FINANCIAL AND OPERATIONAL RESULTS

• Reported first-quarter production of 440,000 barrels of oil equivalent (BOE) per day and adjusted production of 367,000 BOE per day, which excludes Egypt noncontrolling interest and tax barrels;

• Achieved U.S. production of 232,000 BOE per day, exceeding guidance by 9,000 BOE per day;

• Delivered record Permian Basin production of 183,000 BOE per day, with oil up 14 percent and total production up 24 percent year over year;

• Reduced average Alpine High well costs by 20 percent from 2017 average;

• Announced oil discovery at Garten prospect in U.K. North Sea with reserve potential in excess of 10 million barrels of oil (APA has a 100-percent working interest); and

• Raising U.S. production guidance range to 250,000 to 258,000 BOE per day, from 245,000 to 255,000 BOE per day.

HOUSTON, May 2, 2018 — Apache Corporation (NYSE: APA) (Nasdaq: APA) today announced its financial and operational results for the first quarter of 2018.

Apache reported earnings of $145 million or $0.38 per diluted common share for the first quarter of 2018. 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 first-quarter earnings were $124 million or $0.32 per share. Net cash provided by operating activities in the quarter was $615 million. Before working capital changes, Apache generated $799 million in operating cash flow. Adjusted earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (adjusted EBITDAX) was $1.1 billion.

John J. Christmann IV, Apache’s chief executive officer and president, said, “During the first quarter, Apache delivered strong operational results and U.S. production significantly above guidance. Outperformance in the United States was driven by a combination of shorter completion cycle times, improving efficiencies and excellent performance from new wells.

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“Internationally, production was in line with our guidance, and our exposure to Brent oil pricing contributed to high margins, high cash returns and strong free cash flow. The first quarter was very good from an execution and cost-control standpoint, and we are seeing continued momentum into the second quarter,” said Christmann.

First-quarter operational summary

Highlights from the company’s three principal areas include:

• United States — U.S. production averaged 232,000 BOE per day. The company averaged 17 rigs and drilled and completed 60 gross-operated wells.

• Permian Basin — First-quarter production in the Permian Basin averaged 183,000 BOE per day, with oil up 14 percent and total production up 24 percent year over year.

• Midland Basin — Apache has transitioned primarily to multiwell pad development utilizing optimized pattern and spacing configurations. Across three pads, the company placed 12 wells on production in the Wolfcamp formation with an average peak 30-day initial production (IP) rate of 173 BOE per day per 1,000 lateral feet and consisting of 75 percent oil. Notably, Apache tested its first Wolfcamp C producer, which achieved a 30-day IP of 196 BOE per day per 1,000 lateral feet and consisting of 70 percent oil. Based on conservative early-stage assessments, this result could lead to the addition of several hundred Wolfcamp C locations.

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Apache has implemented a new completion design with more optimal stage and cluster spacing, which is contributing to improved early-time well performance. The company is fracture stimulating more lateral feet per day, completing wells faster and more efficiently, and realizing significant cost savings.

• Delaware Basin — The company averaged 10 rigs and drilled and completed 29 gross-operated wells in the Delaware.

At Alpine High, production averaged 26,000 BOE per day, a 33-percent increase over fourth-quarter 2017. Apache has begun the transition to pattern and spacing testing as well as development drilling on multiwell pads. Pad operations and well design changes are driving increased efficiencies and lower well costs. The company made significant progress toward its cost reduction target during the first quarter, with well costs down 20 percent over 2017 average well costs.

During the quarter, Apache brought online its first multiwell test in the wet gas window of the play, the four-well Chinook pad, which contains 1,350 British thermal units wet gas and oil. The average 30-day IP rates for these wells was 1,366 BOE per day.

APACHE CORPORATION ANNOUNCES FIRST-QUARTER 2018 FINANCIAL AND OPERATIONAL RESULTS

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• Egypt — Apache averaged 14 rigs during the quarter and drilled and completed 28 gross-operated wells with an 86-percent success rate. Adjusted production in Egypt, which excludes minority interest and the impact of tax barrels, averaged 80,000 BOE per day. During the quarter, Apache completed seven wells with 24-hour IP rates exceeding 1,000 BOE per day. The company has completed approximately 20 percent of its 2.6-million-acre, high-resolution, high-density 3D seismic survey in the Western Desert, which it believes will uncover impactful oil growth opportunities on its newly awarded concessions and legacy acreage.

• North Sea — Apache averaged three rigs during the quarter and produced 54,000 BOE per day. The company announced a significant discovery at the Garten prospect in the Beryl area, which encountered more than 700 feet of net oil pay in stacked, high-quality, Jurassic-aged sandstone reservoirs. The recoverable resource is expected to exceed 10 million barrels of light oil, which is at the high end of predrill estimates. Apache has a 100-percent working interest in the Garten discovery. The company will revisit its 2019 and 2020 international production guidance as well tieback and development activities progress.

Capital investment and financial position

Oil-and-gas capital investment was $857 million during the quarter, with $115 million for Alpine High midstream. More than two-thirds of the capital spend in the quarter was focused on the Permian Basin.

APACHE CORPORATION ANNOUNCES FIRST-QUARTER 2018 FINANCIAL AND OPERATIONAL RESULTS

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In March 2018, the company entered into a new five-year revolving credit facility with commitments totaling $4 billion. Apache retired $150 million of notes that matured in February and ended the quarter with $1.1 billion of cash and net debt of $7.3 billion.

2018 outlook and guidance update

Solid operational execution and strong well performance in the first quarter is prompting Apache to raise its 2018 U.S. production guidance range to 250,000 BOE to 258,000 BOE per day from a previous range of 245,000 BOE to 255,000 BOE per day and expects a slight increase in its U.S. oil mix for the year. Capital guidance of $3 billion remains unchanged for the year.

Further details on other financial and operational guidance items for the second quarter and full year 2018 can be found in the First-Quarter 2018 Financial and Operational Supplement.

“We are very pleased with our results year to date, as our methodical approach to delineation and development is generating improved capital efficiency, higher returns and attractive production growth. I believe 2018 will be a year in which Apache differentiates itself operationally, particularly in the Permian Basin, where our measured pace is enabling the timely integration of key learnings and the ability to more effectively manage the inflationary service cost environment,” Christmann concluded.

Conference call

Apache will host a conference call to discuss its first-quarter 2018 results at 10 a.m. Central time, Thursday, May 3. The conference call will be webcast from Apache’s website at www.apachecorp.com and investor.apachecorp.com, and the webcast replay will be archived there as

APACHE CORPORATION ANNOUNCES FIRST-QUARTER 2018 FINANCIAL AND OPERATIONAL RESULTS

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well. A replay of the conference call will be available for seven days following the call. The number for the replay is (855) 859-2056 or (404) 537-3406 for international calls. The conference access code is 3758236. Sign up for email alerts to be reminded of the webcast at investor.apachecorp.com/alerts.cfm.

Additional information

Additional information follows, including reconciliations of adjusted earnings, cash flow from operations before changes in operating assets and liabilities, adjusted EBITDAX, oil and gas capital investment and net debt (non-GAAP financial measures) to GAAP measures and information regarding adjusted production. Apache’s quarterly supplement is available at www.apachecorp.com/financialdata.

About Apache

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom. Apache posts announcements, operational updates, investor information and copies of 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 the Apple App Store and the Google’s Play store.

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, cash flow from operations before

APACHE CORPORATION ANNOUNCES FIRST-QUARTER 2018 FINANCIAL AND OPERATIONAL RESULTS

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changes in operating assets and liabilities, oil and gas capital investment, adjusted EBITDAX and net debt 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,” “outlook,” 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 2017 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

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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.

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, 2017, 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 at www.sec.gov.

Contacts

Investor: (281) 302-2286    Gary Clark

Media:    (713) 296-7276    Castlen Kennedy

Website:  www.apachecorp.com

-end-

APACHE CORPORATION

STATEMENT OF CONSOLIDATED OPERATIONS

(Unaudited)

(In millions, except per share data)

	For the Quarter Ended March 31,
	2018			2017
REVENUES AND OTHER:
Oil and gas production revenues
Oil revenues	$	1,392		$	1,172
Natural gas revenues		218			255
Natural gas liquids revenues		118			85
		1,728			1,512
Derivative instrument gains, net		2			—
Gain on divestiture		7			341
Other		5			25
		1,742			1,878
OPERATING EXPENSES:
Lease operating expenses		349			336
Gathering, transmission and processing		81			57
Taxes other than income		55			42
Exploration		76			92
General and administrative		114			103
Transaction, reorganization and separation		—			(10	)
Depreciation, depletion and amortization:
Oil and gas property and equipment		518			538
Other assets		35			38
Asset retirement obligation accretion		27			36
Impairments		—			8
Financing costs, net		99			100
		1,354			1,340
NET INCOME BEFORE INCOME TAXES		388			538
Current income tax provision		198			188
Deferred income tax provision (benefit)		(16	)		83
INCOME INCLUDING NONCONTROLLING INTEREST		206			267
Net income attributable to noncontrolling interest		61			54
NET INCOME ATTRIBUTABLE TO COMMON STOCK	$	145		$	213
NET INCOME PER COMMON SHARE:
Basic	$	0.38		$	0.56
Diluted	$	0.38		$	0.56
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES  OUTSTANDING:
Basic		382			380
Diluted		384			383
DIVIDENDS DECLARED PER COMMON SHARE	$	0.25		$	0.25

APACHE CORPORATION

PRODUCTION INFORMATION

	For the Quarter Ended						% Change
	March 31, 2018		December 31, 2017		March 31, 2017		1Q18 to 4Q17			1Q18 to 1Q17
OIL VOLUME — Barrels per day
Permian		85,469		85,448		75,210		0	%		14	%
MidContinent/Gulf Coast		10,494		9,564		11,142		10	%		-6	%
Gulf of Mexico		3,784		3,189		4,376		19	%		-14	%
Canada		—		—		11,655		—			NM
North America		99,747		98,201		102,383		2	%		-3	%
Egypt (1, 2)		95,270		96,633		101,718		-1	%		-6	%
North Sea		46,348		47,746		49,784		-3	%		-7	%
International (1)		141,618		144,379		151,502		-2	%		-7	%
Total (1)		241,365		242,580		253,885		-1	%		-5	%
NATURAL GAS VOLUME — Mcf per day
Permian		357,311		319,967		227,654		12	%		57	%
MidContinent/Gulf Coast		121,046		110,443		123,501		10	%		-2	%
Gulf of Mexico		10,187		10,664		15,769		-4	%		-35	%
Canada		—		—		215,617		—			NM
North America		488,544		441,074		582,541		11	%		-16	%
Egypt (1, 2)		343,901		376,285		407,194		-9	%		-16	%
North Sea		41,039		53,597		43,928		-23	%		-7	%
International (1)		384,940		429,882		451,122		-10	%		-15	%
Total (1)		873,484		870,956		1,033,663		0	%		-15	%
NGL VOLUME — Barrels per day
Permian		37,950		38,193		34,382		-1	%		10	%
MidContinent/Gulf Coast		13,072		11,973		13,185		9	%		-1	%
Gulf of Mexico		262		320		432		-18	%		-39	%
Canada		—		—		4,821		—			NM
North America		51,284		50,486		52,820		2	%		-3	%
Egypt (1, 2)		937		517		955		81	%		-2	%
North Sea		1,168		1,459		1,172		-20	%		0	%
International (1)		2,105		1,976		2,127		7	%		-1	%
Total		53,389		52,462		54,947		2	%		-3	%
BOE per day
Permian		182,972		176,969		147,534		3	%		24	%
MidContinent/Gulf Coast		43,740		39,943		44,910		10	%		-3	%
Gulf of Mexico		5,744		5,287		7,437		9	%		-23	%
Canada		—		—		52,412		—			NM
North America		232,456		222,199		252,293		5	%		-8	%
Egypt (1, 2)		153,524		159,864		170,539		-4	%		-10	%
North Sea		54,356		58,138		58,278		-7	%		-7	%
International (1)		207,880		218,002		228,817		-5	%		-9	%
Total (1)		440,336		440,201		481,110		0	%		-8	%
Total excluding noncontrolling interests		389,098		387,184		424,259		0	%		-8	%
(1) Includes net production volumes attributed to our noncontrolling partner in Egypt below:
Oil (b/d)		31,774		32,131		33,910
Gas (Mcf/d)		114,913		124,285		135,736
NGL (b/d)		312		172		318
(2) Egypt Gross Production — BOE per day		330,063		333,911		328,141		-1	%		1	%

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
	March 31, 2018		December 31, 2017		March 31, 2017		1Q18 to 4Q17			1Q18 to 1Q17
OIL VOLUME — Barrels per day
Permian		85,469		85,448		74,766		0	%		14	%
MidContinent/Gulf Coast		10,494		9,564		11,142		10	%		-6	%
Gulf of Mexico		3,784		3,189		4,376		19	%		-14	%
North America		99,747		98,201		90,284		2	%		10	%
Egypt		47,993		48,484		51,651		-1	%		-7	%
North Sea		46,348		47,746		49,784		-3	%		-7	%
International		94,341		96,230		101,435		-2	%		-7	%
Total		194,088		194,431		191,719		0	%		1	%
NATURAL GAS VOLUME — Mcf per day
Permian		357,311		319,967		225,663		12	%		58	%
MidContinent/Gulf Coast		121,046		110,443		123,501		10	%		-2	%
Gulf of Mexico		10,187		10,664		15,769		-4	%		-35	%
North America		488,544		441,074		364,933		11	%		34	%
Egypt		189,982		198,806		217,133		-4	%		-13	%
North Sea		41,039		53,597		43,928		-23	%		-7	%
International		231,021		252,403		261,061		-8	%		-12	%
Total		719,565		693,477		625,994		4	%		15	%
NGL VOLUME — Barrels per day
Permian		37,950		38,193		34,073		-1	%		11	%
MidContinent/Gulf Coast		13,072		11,973		13,185		9	%		-1	%
Gulf of Mexico		262		320		432		-18	%		-39	%
North America		51,284		50,486		47,690		2	%		8	%
Egypt		495		296		511		67	%		-3	%
North Sea		1,168		1,459		1,172		-20	%		0	%
International		1,663		1,755		1,683		-5	%		-1	%
Total		52,947		52,241		49,373		1	%		7	%
BOE per day
Permian		182,972		176,969		146,448		3	%		25	%
MidContinent/Gulf Coast		43,740		39,943		44,910		10	%		-3	%
Gulf of Mexico		5,744		5,287		7,437		9	%		-23	%
North America		232,456		222,199		198,795		5	%		17	%
Egypt		80,153		81,914		88,351		-2	%		-9	%
North Sea		54,356		58,138		58,278		-7	%		-7	%
International		134,509		140,052		146,629		-4	%		-8	%
Total		366,965		362,251		345,424		1	%		6	%

APACHE CORPORATION

PRICE INFORMATION

	For the Quarter Ended
	March 31, 2018		December 31, 2017		March 31, 2017
AVERAGE OIL PRICE PER BARREL
Permian	$	61.50	$	53.22	$	49.16
MidContinent/Gulf Coast		62.18		54.35		49.25
Gulf of Mexico		69.24		56.26		49.14
Canada		—		—		46.89
North America		61.60		53.40		48.51
Egypt		66.30		61.91		53.06
North Sea		65.87		61.32		52.89
International		66.16		61.71		53.00
Total		64.27		58.36		51.20
AVERAGE NATURAL GAS PRICE PER MCF
Permian	$	2.40	$	2.52	$	2.56
MidContinent/Gulf Coast		2.68		2.73		3.13
Gulf of Mexico		3.64		3.07		3.11
Canada		—		—		2.33
North America		2.40		2.50		2.48
Egypt		2.85		2.90		2.78
North Sea		6.60		6.18		5.85
International		3.25		3.31		3.07
Total		2.77		2.90		2.74
AVERAGE NGL PRICE PER BARREL
Permian	$	24.64	$	21.02	$	16.53
MidContinent/Gulf Coast		22.13		16.89		14.94
Gulf of Mexico		30.39		24.27		21.78
Canada		—		—		17.03
North America		24.02		20.06		16.22
Egypt		36.19		41.06		40.05
North Sea		42.82		48.33		39.19
International		39.87		46.42		39.58
Total		24.65		21.06		17.13

APACHE CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In millions)

SUMMARY OF DERIVATIVE INSTRUMENT GAINS (LOSSES), NET

	For the Quarter Ended March 31,
	2018			2017
Derivative settlements — realized loss	$	(42	)	$	—
Amortization of call and put premium		(5	)		—
Realized loss		(47	)		—
Unrealized mark-to-market gain		49			—
	$	2		$	—

SUMMARY EXPLORATION EXPENSE INFORMATION

	For the Quarter Ended March 31,
	2018		2017
Unproved leasehold impairments	$	16	$	15
Dry hole expense		20		52
Geological and geophysical expense		18		6
Exploration overhead and other		22		19
	$	76	$	92

SUMMARY CASH FLOW INFORMATION

	For the Quarter Ended March 31,
	2018			2017
Net cash provided by operating activities		615			455
Net cash used in investing activities		(890	)		(93	)
Net cash used in financing activities		(316	)		(218	)

SUMMARY BALANCE SHEET INFORMATION

	March 31, 2018		December 31, 2017
Cash and cash equivalents	$	1,077	$	1,668
Other current assets		2,176		2,057
Property and equipment, net		18,086		17,759
Other assets		452		438
Total assets	$	21,791	$	21,922
Current debt	$	400	$	550
Current liabilities		1,942		2,014
Long-term debt		7,936		7,934
Deferred credits and other noncurrent liabilities		2,644		2,633
Apache shareholders' equity		7,502		7,416
Noncontrolling interest		1,367		1,375
Total Liabilities and shareholders' equity	$	21,791	$	21,922
Common shares outstanding at end of period		382		381

APACHE CORPORATION

NON-GAAP FINANCIAL MEASURES

(In millions, except per share data)

Reconciliation of net cash provided by 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
	March 31, 2018			December 31, 2017			March 31, 2017
Net cash provided by operating activities	$	615		$	668		$	455
Adjustments:
Exploration expense other than dry hole expense and unproved leasehold impairments		40			39			25
Current income tax provision		198			182			188
Other adjustments to reconcile net loss to net cash provided by operating activities		(49	)		(29	)		(34	)
Changes in operating assets and liabilities		184			142			275
Financing costs, net		99			97			100
Transaction, reorganization & separation costs		—			2			(10	)
Adjusted EBITDAX (Non-GAAP)	$	1,087		$	1,101		$	999

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 March 31, 2018												For the Quarter Ended March 31, 2017
	Before Tax			Tax Impact			After Tax			Diluted EPS			Before Tax			Tax Impact			After Tax			Diluted EPS
Income attributable to common stock (GAAP)	$	327		$	(182	)	$	145		$	0.38		$	484		$	(271	)	$	213		$	0.56
Adjustments: *
Unrealized derivative instrument gain		(49	)		10			(39	)		(0.10	)		—			—			—			—
Gain on divestitures		(7	)		1			(6	)		(0.01	)		(341	)		119			(222	)		(0.58	)
Asset impairments		16			(3	)		13			0.03			23			(8	)		15			0.04
Modification of stock comp plans		14			(4	)		10			0.02			—			—			—			—
Valuation allowance and other tax adjustments		—			1			1			—			—			31			31			0.08
Transaction, reorganization & separation costs		—			—			—			—			(10	)		3			(7	)		(0.02	)
Loss on extinguishment of debt		—			—			—			—			1			—			1			—
Adjusted earnings (Non-GAAP)	$	301		$	(177	)	$	124		$	0.32		$	157		$	(126	)	$	31		$	0.08

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

APACHE CORPORATION

NON-GAAP FINANCIAL MEASURES

(In millions)

Reconciliation of Debt to Net debt

Net debt, or outstanding debt obligations less cash and cash equivalents, is a non-GAAP financial measure. Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand.

	March 31, 2018		December 31, 2017		September 30, 2017		June 30, 2017		March 31, 2017
Current debt	$	400	$	550	$	550	$	150	$	150
Long-term debt		7,936		7,934		7,933		8,329		8,327
Total debt		8,336		8,484		8,483		8,479		8,477
Cash and cash equivalents		1,077		1,668		1,846		1,667		1,521
Net debt	$	7,259	$	6,816	$	6,637	$	6,812	$	6,956

Reconciliation of Costs incurred and GTP capital investments to Oil and gas capital investment

Management believes the presentation of oil and gas capital investments is useful for investors to assess Apache's expenditures related to our oil and gas capital activity. We define oil and gas capital investments as costs incurred for oil and gas activities and GTP activities, adjusted to exclude asset retirement obligations revisions and liabilities incurred, while including amounts paid during the period for abandonment and decommissioning expenditures. Capital expenditures attributable to a one-third noncontrolling interest in Egypt are also excluded. Management believes this provides a more accurate reflection of Apache's cash expenditures related to oil and gas capital activity and is consistent with how we plan our capital budget.

	For the Quarter Ended March 31,
	2018			2017
Costs incurred in oil and gas property:
Acquisitions
Unproved	$	12		$	49
Exploration and development		817			513
		829			562
GTP capital investments:
GTP facilities		119			142
Total Costs incurred and GTP capital investments	$	948		$	704
Reconciliation of Costs incurred and GTP to Oil and gas capital investment
Asset retirement obligations incurred and revisions	$	(7	)	$	(15	)
Asset retirement obligations settled		8			13
Exploration expense other than dry hole expense and unproved leasehold impairments		(40	)		(25	)
Less noncontrolling interest		(52	)		(31	)
Oil and gas capital investment	$	857		$	646

Reconciliation of net cash provided by operating activities to cash flows from operations before changes in operating assets and liabilities

Cash flows from operations before changes in operating assets and liabilities is a non-GAAP financial measure. Apache uses it internally and provides the information because management believes it is useful for investors and widely accepted by those following the oil and gas industry as a financial indicator of a company's ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt. It is also used by research analysts to value and compare oil and gas exploration and production companies and is frequently included in published research when providing investment recommendations. Cash flows from operations before changes in operating assets and liabilities, therefore, is an additional measure of liquidity but is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities.

	For the Quarter Ended
	March 31, 2018		December 31, 2017		March 31, 2017
Net cash provided by operating activities	$	615	$	668	$	455
Changes in operating assets and liabilities		184		142		275
Cash flows from operations before changes in operating assets and liabilities	$	799	$	810	$	730