Exhibit 99.1

				NEWS RELEASE

APA Corporation Announces Fourth-Quarter and Full-Year 2021

Financial and Operational Results

Fourth-Quarter Highlights

2022 and Longer-Term Outlook and Objectives

HOUSTON, Feb. 21, 2022 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the fourth-quarter and full-year 2021.

During the fourth-quarter 2021, APA reported net income attributable to common stock of $382 million, or $1.05 per share on a fully diluted basis. When adjusted for certain items that impact the comparability of results, APA’s fourth-quarter earnings totaled $468 million or $1.29 on a diluted share basis. Net cash provided by operating activities in the fourth quarter was $1.1 billion and adjusted EBITDAX was $1.3 billion.

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APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2021

FINANCIAL AND OPERATIONAL RESULTS — PAGE 2 of 6

For the full-year 2021, APA reported net income of $973 million, or $2.59 per diluted common share. On an adjusted basis, APA’s 2021 earnings totaled $1.46 billion or $3.90 per diluted common share. Net cash provided by operating activities was $3.5 billion, and adjusted EBITDAX was $4.57 billion.

“2021 was an important turning point for APA with several key financial and operational accomplishments positioning us very well for the future,” said John J. Christmann IV, APA’s chief executive officer and president. “We generated approximately $1.8 billion in free cash flow and significantly strengthened our balance sheet, reducing upstream net debt by $1.2 billion. We also implemented a robust capital return framework, as we repurchased 8.5% of outstanding shares in the fourth quarter and raised the dividend twice during the year. The modernized production sharing contract in Egypt, which we finalized in late December, provides a foundation for increased investment and long-term production and free cash flow growth in one of our most important operating areas. Additionally, the discovery we announced today with our Krabdagu exploration well in Suriname marks another important step on our path to a first oil development in Suriname.”

Streamlining the Portfolio

APA continued to streamline its portfolio in 2021, selling $256 million of noncore assets in the Permian Basin. The company also recently signed an agreement to sell $805 million of mineral rights in the Delaware Basin, which is expected to close by the end of February.

The previously announced business combination between Altus Midstream and BCP Raptor Holdco LP, the parent company of EagleClaw Midstream, is on schedule to close by the end of February and provides APA with the option to sell up to four million shares of its ownership interest in the near-term. Together with the expected proceeds from the mineral sale this would make more than $1 billion of cash available for debt reduction, share repurchases and/or other corporate purposes.

APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2021

FINANCIAL AND OPERATIONAL RESULTS — PAGE 3 of 6

ESG Achievements and Future Initiatives

APA is committed to progressing ESG initiatives in the areas where the company can achieve the greatest direct impact: air, water, communities and people. In 2021, APA established aggressive ESG goals tied to short-term incentive compensation for all employees. The company accomplished all of its 2021 ESG goals, most notably the elimination of routine flaring in U.S. onshore operations. For 2022, APA is introducing a number of new compensation-linked, short-term ESG goals, including: reducing upstream routine flaring in Egypt by 40%; establishing a supplier diversity program; and implementing a future-of-work strategy to enhance the employee work experience. The company is also establishing a first ever, long-term incentive compensation target linked to reducing emissions over the next three years.

Long-Term Capital Budget and Outlook

Based on the current pricing outlook, in 2022, APA plans to invest $1.6 billion in upstream oil and gas capital, which includes approximately $200 million dedicated to exploration and appraisal activities, primarily in Suriname. In aggregate, capital investment will approximate $5 billion from 2022 to 2024. This capital spend should return the company to around 2019, pre-Covid production levels on an adjusted basis in 2024.

Year-End 2021 Proved Reserves

Worldwide estimated proved reserves totaled 913 million BOE at year-end 2021, up 4% from year-end 2020. More than 90% of APA’s estimated proved reserves at year-end 2021 were classified as proved developed. During the year, APA added approximately 102 million BOE in field extensions and discoveries. Production and divestitures reduced proved reserves by 142 million BOE and 28 million BOE, respectively. Revised proved reserves increased by 107 million BOE driven by price and benefits associated with the modernized PSC terms in Egypt.

Conference Call

APA will host a conference call to discuss its fourth-quarter and full-year 2021 results at 10 a.m. Central time, Tuesday, Feb. 22. The conference call will be webcast from APA’s website at www.apacorp.com and investor.apacorp.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 Feb. 22. The number for the replay is 855-859-2056 or 404-537-3406 for international calls. The conference access code is 7959588. Sign up for email alerts to be reminded of the webcast at investor.apacorp.com/alerts/email-alerts-subscription.

APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2021

FINANCIAL AND OPERATIONAL RESULTS — PAGE 4 of 6

About APA

APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Additional details regarding Suriname, ESG performance and other investor-related topics are posted at investor.apacorp.com.

Additional Information

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

Non-GAAP Financial Measures

APA’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, adjusted EBITDAX, upstream capital investment, net debt, cash flows from operations before changes in operating assets and liabilities and free cash flow 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.

APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2021

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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,” “continues,” “could,” “estimates,” “expects,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for 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 Apache Corporation’s Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on February 25, 2021, and in APA’s Form 10-K in the year ended December 31, 2021 when filed, and in our quarterly reports on Form 10-Q for a discussion of risk factors that affect our business. Any forward-looking statement made 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. APA and its subsidiaries 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 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. APA may use certain terms in this news release, such as “resources,” “potential resources,” “resource potential,” “estimated net reserves,” “recoverable reserves,” and other similar terms that the SEC guidelines strictly prohibit APA 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

APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2021

FINANCIAL AND OPERATIONAL RESULTS — PAGE 6 of 6

expected future resource recovery and should not be relied upon. Investors are urged to consider carefully the disclosure in Apache Corporation’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2020 (and APA’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2021, when filed) available from APA at www.apacorp.com or by writing APA 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 Alexandra Franceschi

Website: www.apacorp.com

Click here for the full release with quarterly financial statements.

APA CORPORATION

STATEMENT OF CONSOLIDATED OPERATIONS

(Unaudited)

(In millions, except per share data)

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APA CORPORATION

PRODUCTION INFORMATION

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APA 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.

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APA CORPORATION

PRICE INFORMATION

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APA CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In millions)

SUMMARY EXPLORATION EXPENSE INFORMATION

SUMMARY CASH FLOW INFORMATION

SUMMARY BALANCE SHEET INFORMATION

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APA CORPORATION

NON-GAAP FINANCIAL MEASURES

(In millions, except per share data)

Reconciliation of Costs incurred to Upstream capital investment

Management believes the presentation of upstream capital investments is useful for investors to assess APA’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 APA’s cash expenditures related to upstream capital activity and is consistent with how we plan our capital budget.

Reconciliation of Net cash provided by operating activities to Cash flows from operations before changes in operating assets and liabilities and Free cash flow

Cash flows from operations before changes in operating assets and liabilities and free cash flow are non-GAAP financial measures. APA uses these measures internally and provides this information because management believes it is useful in evaluating the company’s ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt, as well as to compare our results from period to period. We believe these measures are also used by research analysts and investors to value and compare oil and gas exploration and production companies and are frequently included in published research reports when providing investment recommendations. Cash flows from operations before changes in operating assets and liabilities and free cash flow are additional measures of liquidity but are not measures of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities. Additionally, this presentation of free cash flow may not be comparable to similar measures presented by other companies in our industry.

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.

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APA 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. The Altus Midstream LP credit facility is unsecured and is not guaranteed by APA or any of APA’s other subsidiaries.

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.