Exhibit 99.1

APACHE CORPORATION ANNOUNCES SECOND-QUARTER 2019

FINANCIAL AND OPERATIONAL RESULTS

• Reported second-quarter production of 455,000 barrels of oil equivalent (BOE) per day. Adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 396,000 BOE per day, exceeding guidance of 392,000 BOE per day;

• Achieved U.S. production of 264,000 BOE per day, which was reduced by approximately 4,000 BOE per day as a result of asset sales during the quarter; International adjusted production was 132,000 BOE per day, in-line with guidance;

• Invested $589 million in upstream capital, 13 percent below capital guidance midpoint, remain on track for $2.4 billion for the year;

• Commissioned first cryogenic processing facility at Alpine High in partnership with Altus Midstream during the quarter and second facility in July, both of which were on budget and schedule; and

• Closed on the sale of midcontinent assets in two separate transactions in May and July, comprising approximately $560 million of cash proceeds, after customary closing adjustments. $150 million of proceeds were used to retire debt in early July.

HOUSTON, July 31, 2019 – Apache Corporation (NYSE, Nasdaq: APA) today announced its financial and operational results for the second quarter of 2019.

Apache reported a quarterly loss of $360 million or $0.96 per diluted common share for the second quarter of 2019. 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 items that impact the comparability of results, Apache’s second-quarter earnings were $41 million or $0.11 per share. Net cash provided by operating activities in the quarter was $856 million. Adjusted EBITDAX was $994 million.

“Apache has demonstrated capital discipline, refined our portfolio with the sale of the midcontinent assets, utilized asset sale proceeds to reduce debt, and successfully commissioned our first cryogenic processing facilities at Alpine High. We also delivered strong cash flow as our leverage to WTI and Brent oil prices offset the impact of very weak natural gas and natural gas liquids prices,” said John J. Christmann IV, Apache’s chief executive officer and president.

APACHE CORPORATION ANNOUNCES SECOND-QUARTER 2019 FINANCIAL AND OPERATIONAL RESULTS

— PAGE 2 of 7

“We responded quickly to weak Waha and El Paso Permian gas prices and deferred production at Alpine High. While total Permian production volumes were strong, oil volumes trailed guidance due to timing delays bringing wells online during the quarter. We will catch up in the second half of 2019 and exit the year with oil production on plan and with strong momentum heading into 2020.

“We have balanced our quarterly investment pace, and through June 30, have invested slightly less than half of our 2019 upstream capital budget. For the full year, we anticipate spending at or below our $2.4 billion budget,” continued Christmann.

Second-quarter operational summary

Highlights from the company’s three principal areas include:

• Permian – Production averaged 226,000 BOE per day during the quarter. Apache operated an average of 12 rigs and drilled and completed 54 gross-operated wells.

^○  Midland Basin – During the quarter, the company averaged four rigs and placed 20 wells on production. A 30-day delay in the commissioning of a new electric-powered frac fleet delayed production from nine wells during the quarter.

^○  Delaware Basin – Outside of Alpine High in the Delaware Basin, Apache averaged three rigs and placed nine wells on production during the quarter.

At Alpine High, the company averaged five rigs and two frac crews and placed 26 wells on production. Approximately half of these wells came online late in the quarter and were still in the early clean-up phase as of June 30.

Production at Alpine High during the quarter was 49,000 BOE per day. As previously announced, Apache initiated the deferral of certain natural gas production volumes

APACHE CORPORATION ANNOUNCES SECOND-QUARTER 2019 FINANCIAL AND OPERATIONAL RESULTS

— PAGE 3 of 7

near the end of the first quarter in response to severe Waha Hub gas price weakness. The impact of these deferrals during the second quarter was approximately 22,000 BOE per day. In the third quarter, the company is continuing to defer a similar amount of lean and rich-gas volumes in response to ongoing price weakness until the GCX pipeline comes online.

Apache continues to deliver cost reductions in the play with average drilling and completion costs per foot down 26 percent and 41 percent, respectively, from 2017 through the end of the second quarter.

• Egypt – Apache averaged seven rigs during the quarter and drilled and completed 11 gross-operated wells. Adjusted production in Egypt, which excludes noncontrolling interest and the impact of tax barrels, averaged 72,000 BOE per day. During the quarter, the company made a discovery in the Lower Bahariya on a new concession area and has identified numerous additional low-cost, short-cycle drilling locations in the immediate vicinity.

• North Sea – Apache averaged three rigs during the quarter and produced 60,000 BOE per day. During the second quarter, the company completed a farm-out agreement in a portion of the Beryl area to enable the continuation of tertiary exploration while preserving capital.

Asset sales and use of proceeds

In May and July, Apache closed the sale of noncore assets in two previously disclosed transactions, comprising approximately $560 million of net proceeds. The asset sales reflect the company’s exit from the Western Anadarko Basin and the SCOOP/STACK play. A portion of the proceeds from these asset sales was used to retire $150 million of debt that matured in early July.

APACHE CORPORATION ANNOUNCES SECOND-QUARTER 2019 FINANCIAL AND OPERATIONAL RESULTS

— PAGE 4 of 7

Capital and production outlook

Upstream oil and gas investment was $589 million in the second quarter. Apache is reiterating its full-year capital investment guidance of $2.4 billion.

Apache is revising its production guidance for the second half of 2019 in the Permian Basin to reflect the delays experienced in the Midland/Delaware Basins, as well as continuing gas production deferrals at Alpine High in response to ongoing weak Waha gas prices.

For Permian Basin oil, Apache expects third-quarter production to be 94,000 to 98,000 BOE per day and fourth-quarter production to be 100,000 to 105,000 BOE per day.

At Alpine High, Apache expects third-quarter production to be between 70,000 to 75,000 BOE per day, which includes the impact of planned production deferrals. Fourth-quarter Alpine High production guidance of greater than 100,000 BOE per day is unchanged from prior guidance. This assumes that all deferred gas production is returned to sales by the beginning of October in conjunction with the GCX pipeline startup.

Internationally, the company expects third and fourth quarter volumes will be in-line with prior guidance. Details on additional financial and operational guidance can be found in the Second-Quarter 2019 Financial and Operational Supplement at www.apachecorp.com/financialdata.

“Our objectives for the second half of 2019 include managing capital investment to a level at or below our full-year budget of $2.4 billion, increasing Permian Basin oil well completions and oil production, continuing to drive capital and operating efficiencies into our business, and enhancing our opportunity set through high-impact exploration initiatives in Suriname and the Lower 48,” concluded Christmann.

Conference call

Apache will host a conference call to discuss its second-quarter 2019 results at 10 a.m. Central time, Thursday, Aug. 1. The conference call will be webcast from Apache’s website at www.apachecorp.com

APACHE CORPORATION ANNOUNCES SECOND-QUARTER 2019 FINANCIAL AND OPERATIONAL RESULTS

— PAGE 5 of 7

and investor.apachecorp.com, and the webcast replay will be archived there as 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 7693326 . Sign up for email alerts to be reminded of the webcast at investor.apachecorp.com/alerts/email-alerts-subscription.

Additional information

Additional information follows, including reconciliations of adjusted earnings, cash flow from operations before changes in operating assets and liabilities, adjusted EBITDAX, upstream 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.

Non-GAAP financial measures

Apache’s financial information includes information prepared in conformity with generally accepted accounting principles (GAAP) as well as non-GAAP financial 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 changes in operating assets and liabilities, upstream 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.

APACHE CORPORATION ANNOUNCES SECOND-QUARTER 2019 FINANCIAL AND OPERATIONAL RESULTS

— PAGE 6 of 7

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,” “projects,” “will,” 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 2018 Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) 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.

Cautionary note to investors

The 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 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

APACHE CORPORATION ANNOUNCES SECOND-QUARTER 2019 FINANCIAL AND OPERATIONAL RESULTS

— PAGE 7 of 7

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, 2018, 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	Phil West
Website:	www.apachecorp.com

-end-

APACHE CORPORATION

STATEMENT OF CONSOLIDATED OPERATIONS

(Unaudited)

(In millions, except per share data)

	For the Quarter Ended June 30,						For the Six Months Ended June 30,
	2019			2018			2019			2018
REVENUES AND OTHER:
Oil and gas production revenues
Oil revenues	$	1,397		$	1,576		$	2,707		$	2,969
Natural gas revenues		118			212			354			434
Natural gas liquids revenues		83			148			191			266
		1,598			1,936			3,252			3,669
Derivative instrument gain (loss)		(8	)		(25	)		(38	)		(23	)
Gain (loss) on divestiture		17			2			20			9
Other		(4	)		16			4			21
		1,603			1,929			3,238			3,676
OPERATING EXPENSES:
Lease operating expenses		389			356			754			705
Gathering, processing and transmission		76			82			164			168
Taxes other than income		46			49			97			104
Exploration		95			76			164			152
General and administrative		102			117			225			231
Transaction, reorganization and separation		6			12			10			12
Depreciation, depletion and amortization:
Oil and gas property and equipment		562			573			1,169			1,091
Other assets		40			35			79			70
Asset retirement obligation accretion		26			27			53			54
Impairments		240			—			240			—
Financing costs, net		173			94			270			193
		1,755			1,421			3,225			2,780
NET INCOME BEFORE INCOME TAXES		(152	)		508			13			896
Current income tax provision		187			249			373			447
Deferred income tax provision (benefit)		(23	)		(10	)		(42	)		(26	)
INCOME INCLUDING NONCONTROLLING INTEREST		(316	)		269			(318	)		475
Net income attributable to noncontrolling interest - Egypt		43			74			87			135
Net loss attributable to noncontrolling interest - Altus		(3	)		—			(2	)		—
Net income attributable to Altus Preferred Unit limited partners		4			—			4			—
NET INCOME ATTRIBUTABLE TO COMMON STOCK	$	(360	)	$	195		$	(407	)	$	340
NET INCOME PER COMMON SHARE:
Basic	$	(0.96	)	$	0.51		$	(1.08	)	$	0.89
Diluted	$	(0.96	)	$	0.51		$	(1.08	)	$	0.88
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic		377			382			376			382
Diluted		377			385			376			384
DIVIDENDS DECLARED PER COMMON SHARE	$	0.25		$	0.25		$	0.50		$	0.50

Page 1

APACHE CORPORATION

PRODUCTION INFORMATION

	For the Quarter Ended						% Change						For the Six Months Ended
	June 30, 2019		March 31, 2019		June 30, 2018		2Q19 to 1Q19			2Q19 to 2Q18			June 30, 2019		June 30, 2018
OIL VOLUME - Barrels per day
Permian		92,176		97,625		89,928		-6	%		2	%		94,886		87,711
MidContinent/Gulf Coast		7,574		8,699		11,492		-13	%		-34	%		8,133		10,996
Gulf of Mexico		3,260		2,454		3,743		33	%		-13	%		2,859		3,763
United States		103,010		108,778		105,163		-5	%		-2	%		105,878		102,470
Egypt (1, 2)		83,761		91,616		96,185		-9	%		-13	%		87,667		95,730
North Sea		50,055		54,528		46,150		-8	%		8	%		52,279		46,249
International (1)		133,816		146,144		142,335		-8	%		-6	%		139,946		141,979
Total (1)		236,826		254,922		247,498		-7	%		-4	%		245,824		244,449
NATURAL GAS VOLUME - Mcf per day
Permian		492,199		618,238		403,267		-20	%		22	%		554,870		380,416
MidContinent/Gulf Coast		90,555		116,272		135,629		-22	%		-33	%		103,343		128,378
Gulf of Mexico		11,484		9,797		8,881		17	%		29	%		10,645		9,530
United States		594,238		744,307		547,777		-20	%		8	%		668,858		518,324
Egypt (1, 2)		277,552		315,508		340,991		-12	%		-19	%		296,425		342,438
North Sea		50,121		56,892		43,297		-12	%		16	%		53,488		42,174
International (1)		327,673		372,400		384,288		-12	%		-15	%		349,913		384,612
Total (1)		921,911		1,116,707		932,065		-17	%		-1	%		1,018,771		902,936
NGL VOLUME - Barrels per day
Permian		52,108		47,274		44,693		10	%		17	%		49,705		41,341
MidContinent/Gulf Coast		9,505		11,552		14,050		-18	%		-32	%		10,523		13,563
Gulf of Mexico		361		38		293		850	%		23	%		200		278
United States		61,974		58,864		59,036		5	%		5	%		60,428		55,182
Egypt (1, 2)		898		1,150		1,127		-22	%		-20	%		1,023		1,033
North Sea		1,673		1,823		1,104		-8	%		52	%		1,748		1,135
International (1)		2,571		2,973		2,231		-14	%		15	%		2,771		2,168
Total		64,545		61,837		61,267		4	%		5	%		63,199		57,350
BOE per day
Permian		226,318		247,939		201,832		-9	%		12	%		237,069		192,455
MidContinent/Gulf Coast		32,171		39,630		48,147		-19	%		-33	%		35,880		45,955
Gulf of Mexico		5,535		4,124		5,516		34	%		0	%		4,833		5,629
United States		264,024		291,693		255,495		-9	%		3	%		277,782		244,039
Egypt (1, 2)		130,917		145,351		154,144		-10	%		-15	%		138,094		153,836
North Sea		60,082		65,833		54,470		-9	%		10	%		62,942		54,413
International (1)		190,999		211,184		208,614		-10	%		-8	%		201,036		208,249
Total (1)		455,023		502,877		464,109		-10	%		-2	%		478,818		452,288
Total excluding noncontrolling interests		411,345		454,371		412,693		-9	%		0	%		432,740		400,960
(1)  Includes net production volumes attributed to our noncontrolling partner in Egypt below:
Oil (b/d)		27,939		30,554		32,066								29,239		31,921
Gas (Mcf/d)		92,639		105,412		113,846								98,990		114,377
NGL (b/d)		299		383		376								341		344
(2) Egypt Gross Production - BOE per day		321,937		332,003		341,636		-3	%		-6	%		326,943		335,882

Page 2

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) noncontrolling interest in Egypt and 2) 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 Six Months Ended
	June 30, 2019		March 31, 2019		June 30, 2018		2Q19 to 1Q19			2Q19 to 2Q18			June 30, 2019		June 30, 2018
OIL VOLUME - Barrels per day
Permian		92,176		97,625		89,928		-6	%		2	%		94,886		87,711
MidContinent/Gulf Coast		7,574		8,699		11,492		-13	%		-34	%		8,133		10,996
Gulf of Mexico		3,260		2,454		3,743		33	%		-13	%		2,859		3,763
United States		103,010		108,778		105,163		-5	%		-2	%		105,878		102,470
Egypt		44,261		48,323		47,837		-8	%		-7	%		46,281		47,915
North Sea		50,055		54,528		46,151		-8	%		8	%		52,279		46,249
International		94,316		102,851		93,988		-8	%		0	%		98,560		94,164
Total		197,326		211,629		199,151		-7	%		-1	%		204,438		196,634
NATURAL GAS VOLUME - Mcf per day
Permian		492,199		618,238		403,267		-20	%		22	%		554,870		380,416
MidContinent/Gulf Coast		90,555		116,272		135,629		-22	%		-33	%		103,343		128,378
Gulf of Mexico		11,484		9,797		8,881		17	%		29	%		10,645		9,530
United States		594,238		744,307		547,777		-20	%		8	%		668,858		518,324
Egypt		160,306		181,118		188,012		-11	%		-15	%		170,655		188,991
North Sea		50,121		56,892		43,296		-12	%		16	%		53,488		42,174
International		210,427		238,010		231,308		-12	%		-9	%		224,143		231,165
Total		804,665		982,317		779,085		-18	%		3	%		893,001		749,489
NGL VOLUME - Barrels per day
Permian		52,108		47,274		44,693		10	%		17	%		49,705		41,341
MidContinent/Gulf Coast		9,505		11,552		14,050		-18	%		-32	%		10,523		13,563
Gulf of Mexico		361		38		293		850	%		23	%		200		278
United States		61,974		58,864		59,036		5	%		5	%		60,428		55,182
Egypt		531		678		596		-22	%		-11	%		604		546
North Sea		1,673		1,823		1,104		-8	%		52	%		1,748		1,135
International		2,204		2,501		1,700		-12	%		30	%		2,352		1,681
Total		64,178		61,365		60,736		5	%		6	%		62,780		56,863
BOE per day
Permian		226,318		247,939		201,832		-9	%		12	%		237,069		192,455
MidContinent/Gulf Coast		32,171		39,630		48,147		-19	%		-33	%		35,880		45,955
Gulf of Mexico		5,535		4,124		5,516		34	%		0	%		4,833		5,629
United States		264,024		291,693		255,495		-9	%		3	%		277,782		244,039
Egypt		71,510		79,187		79,769		-10	%		-10	%		75,327		79,960
North Sea		60,082		65,833		54,470		-9	%		10	%		62,942		54,413
International		131,592		145,020		134,239		-9	%		-2	%		138,269		134,373
Total		395,616		436,713		389,734		-9	%		2	%		416,051		378,412

Page 3

APACHE CORPORATION

PRICE INFORMATION

	For the Quarter Ended						For the Six Months Ended
	June 30, 2019		March 31, 2019		June 30, 2018		June 30, 2019		June 30, 2018
AVERAGE OIL PRICE PER BARREL
Permian	$	56.79	$	50.30	$	62.69	$	53.47	$	62.12
MidContinent/Gulf Coast		59.90		53.45		65.98		56.47		64.18
Gulf of Mexico		63.60		58.27		67.76		61.33		68.50
United States		57.25		50.70		63.27		53.90		62.54
Egypt		68.60		62.35		74.14		65.36		70.26
North Sea		68.43		64.15		73.05		66.35		69.58
International		68.54		63.00		73.78		65.73		70.04
Total		63.71		57.70		69.35		60.65		66.90
AVERAGE NATURAL GAS PRICE PER MCF
Permian	$	.26	$	1.61	$	1.85	$	1.01	$	2.11
MidContinent/Gulf Coast		1.98		2.94		2.21		2.52		2.43
Gulf of Mexico		2.62		3.69		2.95		3.11		3.32
United States		0.55		1.83		1.94		1.26		2.20
Egypt		2.80		2.85		2.85		2.82		2.85
North Sea		3.99		6.24		6.82		5.18		6.71
International		2.98		3.36		3.29		3.18		3.27
Total		1.41		2.34		2.50		1.92		2.65
AVERAGE NGL PRICE PER BARREL
Permian	$	13.12	$	18.73	$	26.97	$	15.92	$	25.90
MidContinent/Gulf Coast		14.72		17.38		22.90		16.18		22.53
Gulf of Mexico		20.47		17.62		32.52		20.21		31.52
United States		13.57		18.47		26.03		15.96		25.10
Egypt		32.90		37.66		40.80		35.56		38.72
North Sea		33.67		40.60		44.71		37.27		43.75
International		33.40		39.47		42.73		36.64		41.35
Total		14.37		19.49		26.64		16.87		25.72

Page 4

APACHE CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In millions)

SUMMARY OF DERIVATIVE INSTRUMENT GAINS (LOSSES), NET

	For the Quarter Ended June 30,						For the Six Months Ended June 30,
	2019			2018			2019			2018
Derivative settlements - realized gain/(loss)	$	13		$	(75	)	$	28		$	(117	)
Amortization of call and put premium		—			(5	)		—			(10	)
Realized gain/(loss)		13			(80	)		28			(127	)
Unrealized mark-to-market gain/(loss)		(21	)		55			(66	)		104
	$	(8	)	$	(25	)	$	(38	)	$	(23	)

SUMMARY EXPLORATION EXPENSE INFORMATION

	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2019		2018		2019		2018
Unproved leasehold impairments	$	39	$	21	$	62	$	37
Dry hole expense		18		16		28		36
Geological and geophysical expense		18		17		38		35
Exploration overhead and other		20		22		36		44
	$	95	$	76	$	164	$	152

SUMMARY CASH FLOW INFORMATION

	For the Quarter Ended June 30,						For the Six Months Ended June 30,
	2019			2018			2019			2018
Net cash provided by operating activities	$	856		$	1,113		$	1,454		$	1,728
Additions to oil and gas property		(676	)		(861	)		(1,420	)		(1,610	)
Additions to Altus gathering, processing, and transmission facilities		(127	)		(156	)		(246	)		(284	)
Altus equity method interests		(320	)		—			(438	)		—
Proceeds from sale of oil and gas properties		238			4			247			13
Other, net		(9	)		(11	)		25			(33	)
Net cash used in investing activities	$	(894	)	$	(1,024	)	$	(1,832	)	$	(1,914	)
Debt borrowings and payments, net		(170	)		—			(11	)		(150	)
Distributions to noncontrolling interest - Egypt		(57	)		(86	)		(164	)		(155	)
Redeemable noncontrolling interest - Altus Preferred Unit limited partners		611			—			611			—
Dividends paid		(94	)		(96	)		(188	)		(191	)
Other		(30	)		(12	)		(35	)		(14	)
Net cash used in financing activities	$	260		$	(194	)	$	213		$	(510	)

SUMMARY BALANCE SHEET INFORMATION

	June 30, 2019		December 31, 2018
Cash and cash equivalents	$	549	$	714
Other current assets		2,242		1,973
Property and equipment, net		17,756		18,421
Other assets		1,259		474
Total assets	$	21,806	$	21,582
Current debt	$	175	$	151
Current liabilities		2,087		2,050
Long-term debt		8,157		8,093
Deferred credits and other noncurrent liabilities		2,712		2,476
Redeemable noncontrolling interest - Altus Preferred Unit limited partners		521		—
Apache shareholders' equity		6,551		7,130
Noncontrolling interest - Egypt		1,198		1,275
Noncontrolling interest - Altus		405		407
Total Liabilities, redeemable noncontrolling interest, and equity	$	21,806	$	21,582
Common shares outstanding at end of period		376		375

Page 5

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									For the Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2019			2019			2018			2019			2018
Net cash provided by operating activities	$	856		$	598		$	1,113		$	1,454		$	1,728
Adjustments:
Exploration siesmic and administration costs		38			36			39			74			79
Current income tax provision		187			186			249			373			447
Other adjustments to reconcile net income to net cash provided by operating activities		(13	)		(9	)		(43	)		(22	)		(82	)
Changes in operating assets and liabilities		(178	)		138			(196	)		(40	)		(22	)
Financing costs, net (excluding loss on early extinguishment of debt)		98			97			94			195			193
Transaction, reorganization & separation costs		6			4			12			10			12
Adjusted EBITDAX (Non-GAAP)	$	994		$	1,050		$	1,268		$	2,044		$	2,355

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 June 30, 2019												For the Quarter Ended June 30, 2018
	Before Tax			Tax Impact			After Tax			Diluted EPS			Before Tax			Tax Impact			After Tax			Diluted EPS
Income including noncontrolling interest (GAAP)	$	(152	)	$	(164	)	$	(316	)	$	(0.84	)	$	508		$	(239	)	$	269		$	0.70
Income attributable to noncontrolling interest		80			(40	)		40			0.11			134			(60	)		74			0.19
Loss attributable to Altus preferred unit limited partner		4			—			4			0.01			—			—			—			—
Net income attributable to common stock		(236	)		(124	)		(360	)		(0.96	)		374			(179	)		195			0.51
Adjustments: *
Asset impairments		279			(59	)		220			0.58			21			(4	)		17			0.05
Valuation allowance and other tax adjustments		—			114			114			0.31			—			5			5			0.01
Loss on extinguishment of debt		75			(16	)		59			0.16			—			—			—			—
Unrealized derivative instrument (gain)/loss		21			(4	)		17			0.04			(55	)		12			(43	)		(0.11	)
Transaction, reorganization & separation costs		6			(1	)		5			0.01			12			(3	)		9			0.02
Modification of stock comp plans		—			—			—			—			14			(3	)		11			0.03
(Gain)/loss on divestitures		(17	)		3			(14	)		(0.03	)		(2	)		—			(2	)		(0.01	)
Adjusted earnings (Non-GAAP)	$	128		$	(87	)	$	41		$	0.11		$	364		$	(172	)	$	192		$	0.50
	For the Six Months Ended June 30, 2019												For the Six Months Ended June 30, 2018
	Before Tax			Tax Impact			After Tax			Diluted EPS			Before Tax			Tax Impact			After Tax			Diluted EPS
Income including noncontrolling interest (GAAP)	$	13		$	(331	)	$	(318	)	$	(0.84	)	$	896		$	(421	)	$	475		$	1.23
Income attributable to noncontrolling interest		165			(80	)		85			0.23			246			(111	)		135			0.35
Loss attributable to Altus preferred unit limited partner		4			—			4			0.01			—			—			—			—
Net income attributable to common stock		(156	)		(251	)		(407	)		(1.08	)		650			(310	)		340			0.88
Adjustments: *
Asset impairments		302			(64	)		238			0.62			37			(7	)		30			0.08
Valuation allowance and other tax adjustments		—			145			145			0.39			—			6			6			0.02
Loss on extinguishment of debt		75			(16	)		59			0.16			—			—			—			—
Unrealized derivative instrument (gain)/loss		66			(14	)		52			0.14			(104	)		22			(82	)		(0.21	)
Transaction, reorganization & separation costs		10			(2	)		8			0.02			12			(3	)		9			0.02
Modification of stock comp plans		—			—			—			—			28			(7	)		21			0.05
(Gain)/loss on divestitures		(20	)		4			(16	)		(0.04	)		(9	)		1			(8	)		(0.02	)
Adjusted Earnings (Non-GAAP)	$	277		$	(198	)	$	79		$	0.21		$	614		$	(298	)	$	316		$	0.82

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

Page 6

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.

	June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018		June 30, 2018
Current debt	$	175	$	339	$	151	$	151	$	401
Long-term debt		8,157		8,094		8,093		8,092		7,976
Total debt		8,332		8,433		8,244		8,243		8,377
Cash and cash equivalents		549		327		714		593		972
Net debt	$	7,783	$	8,106	$	7,530	$	7,650	$	7,405

Reconciliation of Costs incurred to Upstream capital investment

Management believes the presentation of upstream capital investments is useful for investors to assess Apache's expenditures related to our upstream capital activity. We define capital investments as costs incurred for oil and gas activities, adjusted to exclude asset retirement obligation revisions and liabilities incurred, capitalized interest, and certain exploration expenses, while including amounts paid during the period for abandonment and decommissioning expenditures. Upstream 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 upstream capital activity and is consistent with how we plan our capital budget.

	For the Quarter Ended June 30,						For the Six Months Ended June 30,
	2019			2018			2019			2018
Costs incurred in oil and gas property:
Acquisitions
Proved	$	—		$	—		$	—		$	5
Unproved		22			26			41			33
Exploration and development		639			772			1,294			1,589
Total Costs incurred in oil and gas property	$	661		$	798		$	1,335		$	1,627
Reconciliation of Costs incurred to Upstream capital investment:
Total Costs incurred in oil and gas property	$	661		$	798		$	1,335		$	1,627
Asset retirement obligations settled vs. incurred - oil and gas property		9			12			19			18
Capitalized interest		(8	)		(9	)		(16	)		(20	)
Exploration siesmic and administration costs		(38	)		(39	)		(74	)		(79	)
Less noncontrolling interest - Egypt		(35	)		(55	)		(78	)		(107	)
Total Upstream capital investment	$	589		$	707		$	1,186		$	1,439

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								For the Six Months Ended
	June 30,			March 31,		June 30,			June 30,
	2019			2019		2018			2019			2018
Net cash provided by operating activities	$	856		$	598	$	1,113		$	1,454		$	1,728
Changes in operating assets and liabilities		(178	)		138		(196	)		(40	)		(22	)
Cash flows from operations before changes in operating assets and liabilities	$	678		$	736	$	917		$	1,414		$	1,706

Page 7