Exhibit 99.1

NEWS RELEASE

APA Corporation Announces Second-Quarter 2022

Financial and Operational Results

Key Takeaways

HOUSTON, August 3, 2022 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the second-quarter 2022.

APA reported net income attributable to common stock of $926 million, or $2.71 per diluted share. When adjusted for items that impact the comparability of results, most notably a $129 million release of tax valuation allowance, APA’s second-quarter earnings were $811 million, or $2.37 per diluted share. Net cash provided by operating activities was $1.535 billion, and adjusted EBITDAX was $1.957 billion. The company generated $814 million in free cash flow during the quarter.

“APA delivered strong second-quarter results on a number of fronts. Our diversified, unhedged portfolio benefitted from high prices across all three product streams, and we managed our largest spending categories – capital investment, operating costs, and general & administrative – very well despite an overall challenging supply chain and cost environment,” said John J. Christmann IV, APA’s CEO and president.

Second-Quarter Summary

Second-quarter reported production was 385,000 BOE per day, and adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 305,000 BOE per day. APA’s second-quarter upstream capital investment was $428 million, slightly lower than anticipated.

In the U.S., the company added a third rig in the Permian Basin, which is now drilling at Alpine High. Internationally, the company increased gross oil production in Egypt by more than 7,000 BOE per day from the first quarter and achieved a 92% drilling success rate. In the North Sea, maintenance turnaround at the Forties Field was delivered safely and on-budget, and total depth was reached on the Garten-3 well at Beryl, which is expected to deliver a substantial volume increase in the second half of the year.

Two flow tests were completed offshore Suriname on the Krabdagu discovery well and further appraisal is being planned. Exploration prospects on Block 58 (Dikkop) and Block 53 (Baja) are currently being drilled, with results expected in the coming months.

Across the portfolio, the company has numerous projects underway to reduce emissions and deliver on aggressive near- and medium-term goals for emissions reductions. Excellent progress was achieved during the quarter on this front, particularly in Egypt where the completion of several projects put the company on track to achieve its 2022 goal of reducing upstream routine flaring in-country by more than 40% by yearend.

Also, during the quarter, the company entered into a transaction to acquire properties in the Texas Delaware Basin (primarily in Loving and Reeves counties) near existing operations. The acquired properties have a combination of producing wells, wells in the process of drilling and completion, and an inventory of undrilled locations. The acquisition also brings immediate access to a high-quality drilling rig and experienced crew for ongoing development. The company expects production will average 12,000 to 14,000 BOE per day for the remaining five months of the year. The purchase price was $505 million, and the transaction closed on July 29 for a total cost of $555 million, after including post-effective date adjustments to date.

Capital Return to Shareholders and Debt Reduction Progress

Under APA’s capital return framework, the company repurchased 7.0 million shares of common stock during the quarter at an average price of $41.59 per share. Subsequent to the quarter end, in July, APA repurchased 6.9 million shares at an average price of $33.87. Since the inception of its buyback program in October 2021 through the end of July 2022, APA has repurchased 52.3 million shares at an average price of $31.19 per share.

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On June 30, 2022, net debt was $5 billion, down from $6.7 billion at year-end 2021. In July, the company accessed its revolving credit facility to execute the Texas Delaware Basin acquisition.

Capital and Production Guidance

APA’s full-year capital investment guidance, excluding acquisitions, is unchanged at $1.725 billion. Lease Operating Expense has been increased $50 million to $1.470 billion, which primarily reflects higher fuel costs throughout our operations.

The company is reducing its 2022 adjusted production guidance by approximately 2%, which reflects the net effect of several items, including: the impact of high oil prices on PSC volumes in Egypt, timing delays in the expected well completion schedule in Egypt and the Permian, mixed results from its Austin Chalk delineation program, minor divestitures, and the addition of five months of production from the Texas Delaware Basin acquisition.

Looking Ahead

Christmann concluded, “If recent strip prices hold, we expect to generate approximately $3 billion of free cash flow in 2022, and by yearend, at least $1.8 billion of this capital will be returned to shareholders through dividends and share buybacks. Through July, we have returned just under 50% of this amount.”

“Looking to the back half of the year, our production will increase as the drilling program in Egypt reaches 15 rigs and efficiency levels improve, the rate of well completions increases in the Permian Basin, summer maintenance turnarounds conclude, and the Garten-3 well commences production in the North Sea.”

Conference Call

APA will host a conference call to discuss its second-quarter 2022 results at 10 a.m. Central time, Thursday, August 4. The conference call will be webcast from APA’s website at www.apacorp.com. Following the conference call, a replay will be available for one year on the “Investors” page of the company’s website.

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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 and the Dominican Republic. 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.

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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 APA’s Form 10-K for the year ended December 31, 2021, and in our quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission 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 expected future resource recovery and should not be relied upon. Investors are urged to consider carefully the disclosure in APA’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2021 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.

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Contacts

Investor: (281) 302-2286     Gary Clark

Media: (713) 296-7189     Castlen Kennedy

Website: www.apacorp.com

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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.