APACHE NORTH SEA LIMITED SUBSEA UK EXPRO

OPEN PLENARY

MARK RICHARDSON

APACHE NORTH SEA

PROJECTS GROUP MANAGER

11TH FEBRUARY 2015

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FORWARD LOOKING STATEMENTS Certain statements in this presentation may contain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K available on our website, http://www.apachecorp.com/, and in our other public filings and press releases. These forward-looking statements are based on Apache Corporation’s (Apache) current expectations, estimates and projections about the company, its industry, its management’s beliefs and certain assumptions made by management. No assurance can be given that such expectations, estimates or projections will prove to have been correct. Whenever possible, these “forward-looking statements” are identified by words such as “expects,” “believes,” “anticipates” and similar phrases. Because such statements involve risks and uncertainties, Apache’s actual results and performance may differ materially from the results expressed or implied by such forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. Unless legally required, we assume no duty to update these statements as of any future date. However, you should review carefully reports and documents that Apache files periodically with the Securities and Exchange Commission. 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 uses certain terms in this presentation, such as “BO resource,” “BO Potential” and other similar terms that the SEC guidelines strictly prohibit Apache from including in filings with the SEC. “BO Resource,” “BO Potential” and other 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 December 31, 2011, and amendments thereto, available from Apache at www.apachecorp.com or by writing Apache at: 2000 Post Oak Blvd., Suite 100, Houston, Texas 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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APACHE NORTH SEA

SAFETY PERFORMANCE

Sources: OGUK Benchmarking 2013 Data and HSE http://www.hse.gov.uk/notices/notices

Company Improvement

Notices Prohibition

Notices

Talisman Sinopec Energy UK Limited 12 1

CNR International (U.K.) Limited 11 2

BHP Billiton Petroleum Limited 10

Maersk 8 2

Shell U.K. Limited 7 6

Marathon Oil U.K. LLC 7

Nexen Petroleum U.K. Limited 5

Petrofac Facilities Management Limited 5

TAQA Bratani Limited 4

Total E&P UK Limited 4

Teekay Petrojarl Production AS 3 1

Eni Liverpool Bay Operating Company Limited 3

Bluewater Services UK Limited 2

Perenco UK Limited 2

Premier Oil ONS Limited 2

Star Energy Oil & Gas Limited 2

Ugland Stena Storage AS 2

ConocoPhillips (UK) Limited 1 1

Amec Group Limited 1

Apache North Sea Limited 1

BG International Limited 1

BP Exploration Operating Company Limited 1

Centrica Storage Limited 1

Chevron North Sea Limited 1

E.ON E&P UK Ltd 1

Enquest Plc 1

Hydrocarbon Resources Limited 1

North Sea Production Company Limited 1

Wood Group Engineering (North Sea) Limited 1

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2013 PRODUCTION

Forties

Beryl Area

Nelson Scott

Nevis S Telford Buckland Ness Maclure Bacchus

0

500

1,000

1,500

2,000

2,500

3,000MBOE/D

0

20

40

60

80

100

120

140

Gas

Oil

6

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

APACHE

MARATHON

TULLOW

PERENCO

BHP

CENTRICA

ENQUEST

BRIDGE

NEXEN

DANA

COP

TAQA

RWE

BG

CHEVRON

ITHACA

PREMIER

SHELL

TOTAL

BP

TALISMAN

MAERSK

CNR

E.ON

2013 PRODUCTION EFFICIENCY

1

3

5

7

9

11

13

15

17

19

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Op

erat

or

Ran

kin

g

Source: OGUK Production Efficiency Task Force Data Pack

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FASP $54,865/Tonne

FASP 4.8%

PROJECT PERFORMANCE

y = 102,948,194x-0.4120

R² = 0.5327

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

0 5 10 15 20 25

Cost p

er M

axim

um

Nu

mber o

f W

ell C

on

nectio

ns (

US

D)

Maximum Number of Well Connections

Non-Deepwater Subsea TiebacksCost per Well (subsea only projects)

Eng, Mat, Inst

North Sea Asia/Australia Africa ss_only Precision Range +/- ss_only Trend

Some points on this chart may be obscured

by others with near-identical values.Outlier with y > 120,000,000 is not shown.

Aviat $32m per Slot

Bacchus $22m per Slot -£1,000,000

-£500,000

£0

£500,000

£1,000,000

£1,500,000

£2,000,000

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47

AFE APPROVEDPROJECT TOTALFORECAST v AFELinear (PROJECT TOTAL)Linear (FORECAST v AFE)

AVIAT FUEL GAS TIE-BACK

Facilities

23km 8” CS API X65 Pipeline

6” Flexible Riser on Forties Alpha

23km Services Umbilical

Pipeline & Umbilical Rock Dumped

4-slot Manifold & SSIV Structures

2-off Subsea Trees

Tie-in Spools & Jumpers

Design

179.3barg MAOP & Sour Service

15 year design life

New 500m Safety Zone at Aviat

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BERYL SUBSEA DEVELOPMENT DRILLING

Ocean Patriot

FNT

NTP

L4N L4S

BG2

NNS

K Prospect - Tie-back

Beryl Tertiary - Tie-back/FPSO

Cassini - Tie-back

Brora - Tie-back

CNS

Vail & Val d’Isere - Tie-back

OTHERS

Seagull - Non-Op

Isabella - Tie-back

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EXPLORATION AND APPRIASAL DEVELOPMENTS

Wil Phoenix

Fiscal Policy

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AREAS OF IMPACT AND INFLUENCE

Operator Influence

Med

Low High

Ind

ust

ry Im

pac

t

Low

High

Med

Operator Culture

Regulatory Regime

Production Efficiency

Contractor Culture

Operator Collaboration

Technology

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Retrofit Subsea Choke Valve

Installation Required in December

Valve Lead Time 22 Weeks

CONTRACTOR CULTURE - REQUIREMENT

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Proposal 7m x 7m Over Trawlable Structure

Planned Delivery February (8 weeks after required date)

Required Sea State >1.2m

Metrology Spool Required

Engineering Costs: £115k, Fabrication Estimated Cost: £485k

CONTRACTOR CULTURE – TRADITIONAL THINKING

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Fit For Purpose

Delivered December

Required Sea State >3.0m

Metrology Spool Not Required

Engineering Costs: £30k, Fabrication Cost: £50k

CONTRACTOR CULTURE – NEW APPROACH

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OPERATOR CULTURE

Present Culture

Risk Averse

Process Driven

Insufficient Leverage of Human Capital

Lack of Collaboration

Function Constrained

New Requirement

Leadership

Sense of Urgency

Devolved Decision Making

Responsibility, Accountability and Authority

Best Answers Win

Respect, Integrity and Trust

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