The  following  discussions  contain  certain  “forward‐looking  statements” as  defined  by  the  Private  Securities  Litigation  Reform Act  of  1995  including, without  limitation,  estimates, expectations,  plans  and  goals  regarding Apache’s  production,  reserves,  financings,  acquisitions,  exploration  and  exploitation  prospects,  energy  prices,  operating  costs,  and  results  of operations.  Such forward‐looking statements involve estimates, assumptions and uncertainties.  No assurance can be given that Apache’s expectations or goals will be realized, and actual results may differ materially from those expressed in the forward‐looking statements.  For reconciliations of non‐GAAP financial measures, see our web site www.apachecorp.com.

CORPORATIONCORPORATION

The  following  discussions  contain  certain  “forward‐looking  statements” as  defined  by  the  Private  Securities  Litigation  Reform Act  of  1995  including, without  limitation,  estimates, expectations,  plans  and  goals  regarding Apache’s  production,  reserves,  financings,  acquisitions,  exploration  and  exploitation  prospects,  energy  prices,  operating  costs,  and  results  of operations.  Such forward‐looking statements involve estimates, assumptions and uncertainties.  No assurance can be given that Apache’s expectations or goals will be realized, and actual results may differ materially from those expressed in the forward‐looking statements.  For reconciliations of non‐GAAP financial measures, see our web site www.apachecorp.com.

CORPORATIONCORPORATION

CSFB Energy ConferenceFebruary 2008

CSFB Energy ConferenceFebruary 2008

Roger Plank, CFORoger Plank, CFO

CORPORATIONCORPORATION

22CSFB FEB 08.ppt 2/8/2008 2

Growth: Time Tested, Drill bit DrivenGrowth: Time Tested, Drill bit Driven

0

500

1,000

1,500

2,000

2,500

'92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07

Res

erve

s (M

mbo

e)

0

100

200

300

400

500

600

Production (mboepd)

0

500

1,000

1,500

2,000

2,500

'92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07

Res

erve

s (M

mbo

e)

0

100

200

300

400

500

600

Production (mboepd)

15-Year Record of Growth (CAGR):Production = 14%Reserves = 19%

15-Year Record of Growth (CAGR):Production = 14%Reserves = 19%

70% of Production Additions from Drilling

CSFB FEB 08.ppt 2/8/2008 3

CORPORATIONCORPORATIONCORPORATIONCORPORATION

33

2007: A Year Full of Records2007: A Year Full of RecordsAdjusted earnings- $2.9 Bn, up 26% vs 2006

- $8.65 per share, up 25% vs 2006

Cash flow- $6.2 Bn, up 22% vs 2006 on higher prices & volumes

Production (28th out of 29th consecutive increase)- 561,000 boe/d, up 12% vs 2006

Reserves (22nd consecutive increase)- 2,446 MMboe, up 6% vs 2006

- 167% reserve replacement from all sources

- 140% reserve replacement from additions only

Cash margins- $34.66/boe, despite cost pressures

Adjusted earnings- $2.9 Bn, up 26% vs 2006

- $8.65 per share, up 25% vs 2006

Cash flow- $6.2 Bn, up 22% vs 2006 on higher prices & volumes

Production (28th out of 29th consecutive increase)- 561,000 boe/d, up 12% vs 2006

Reserves (22nd consecutive increase)- 2,446 MMboe, up 6% vs 2006

- 167% reserve replacement from all sources

- 140% reserve replacement from additions only

Cash margins- $34.66/boe, despite cost pressures

CSFB FEB 08.ppt 2/8/2008 4

CORPORATIONCORPORATIONCORPORATIONCORPORATION

44

4Q07: A Quarter Full of  Records4Q07: A Quarter Full of  RecordsAdjusted earnings

- $982 MM, up 111%% vs 4Q06*

- $2.92 per share, up 109% vs 4Q06

Cash flow

- $1.9 Bn, up 50% vs 4Q06

Production

- 575,000 Boe/d, up 8% vs 4Q06

Cash margins

- $41.18/boe

Adjusted earnings

- $982 MM, up 111%% vs 4Q06*

- $2.92 per share, up 109% vs 4Q06

Cash flow

- $1.9 Bn, up 50% vs 4Q06

Production

- 575,000 Boe/d, up 8% vs 4Q06

Cash margins

- $41.18/boe

* Reported earnings before adjustments eclipsed $1.0 Bn for the first time* Reported earnings before adjustments eclipsed $1.0 Bn for the first time

CSFB FEB 08.ppt 2/8/2008 5

CORPORATIONCORPORATIONCORPORATIONCORPORATION

55

2007 Operating Progress2007 Operating Progress

Continued string of impactive discoveries- Australia: Julimar 1X- 85 MMcf/d; Complex has 2-4 Tcf potential

- Argentina: Confirmed TDF potential w/1,635 bopd well

- Egypt: Jade 1X - 100 MMcf/d from 4 zones, Imhotep - 28 MMcf/d & 900 bopd & Alexandrite - 20 MMcf/d & 400 bopd

Captured opportunities to sustain future growth in highly competitive market- Acquired strategic acreage in Ootla shale play in B.C., Canada

- Doubled Egyptian acreage with 9 MM acre Tharwa exploration farm-in

- Awarded 1 MM acres in Chile

- Completed $1 Bn APC Permian acquisition (purchase economics assumed under $60/bbl)

Progressed 6 world class development projects

Continued string of impactive discoveries- Australia: Julimar 1X- 85 MMcf/d; Complex has 2-4 Tcf potential

- Argentina: Confirmed TDF potential w/1,635 bopd well

- Egypt: Jade 1X - 100 MMcf/d from 4 zones, Imhotep - 28 MMcf/d & 900 bopd & Alexandrite - 20 MMcf/d & 400 bopd

Captured opportunities to sustain future growth in highly competitive market- Acquired strategic acreage in Ootla shale play in B.C., Canada

- Doubled Egyptian acreage with 9 MM acre Tharwa exploration farm-in

- Awarded 1 MM acres in Chile

- Completed $1 Bn APC Permian acquisition (purchase economics assumed under $60/bbl)

Progressed 6 world class development projects

CSFB FEB 08.ppt 2/8/2008 6

CORPORATIONCORPORATIONCORPORATIONCORPORATION

66

2008 Plans and Focus 2008 Plans and Focus 

Major exploration programs in Australia, Egypt, Canada & Argentina- Over 2 billion boe potential

- Strong 2008 exploration start: Australia: Brulimar 1X found 113’ net pay – increased Julimar area resource estimate to 2-4 TCF

Egypt: Hydra 1X tested 42 MMcf/d & 1,313 bopd

- Projected E&D budget: +$4.5 Bn

Continue development momentum in 6 large projects

Capture international gas market strength with aggressive contracting

Major exploration programs in Australia, Egypt, Canada & Argentina- Over 2 billion boe potential

- Strong 2008 exploration start: Australia: Brulimar 1X found 113’ net pay – increased Julimar area resource estimate to 2-4 TCF

Egypt: Hydra 1X tested 42 MMcf/d & 1,313 bopd

- Projected E&D budget: +$4.5 Bn

Continue development momentum in 6 large projects

Capture international gas market strength with aggressive contracting

CORPORATIONCORPORATION

77CSFB FEB 08.ppt 2/8/2008 7

Balanced Portfolio ‐ObjectivesBalanced Portfolio ‐Objectives

Australia8%

Canada15%

Egypt18%

Argentina8%

UK10%

US Onshore19%

US Offshore22%

Australia8%

Canada15%

Egypt18%

Argentina8%

UK10%

US Onshore19%

US Offshore22%

Long Term Growth

5.8 billion BOE resource potential

Double-digit production growth potential long term

Home run exploration potential

Long Life Production Base

2.5 billion boe resource potential

Consistent growth from exploitation core competency

“The Cash Machine”

Generates outstanding returns with substantial excess cash flow

Excess cash funds worldwide activities

Long Term Growth

5.8 billion BOE resource potential

Double-digit production growth potential long term

Home run exploration potential

Long Life Production Base

2.5 billion boe resource potential

Consistent growth from exploitation core competency

“The Cash Machine”

Generates outstanding returns with substantial excess cash flow

Excess cash funds worldwide activities

2007 Production2007 Production

561 Mboe/d561 Mboe/d

CORPORATIONCORPORATION

88CSFB FEB 08.ppt 2/8/2008 8

2008 Exploration Potential2008 Exploration Potential

Total Unrisked Potential: 2 BnboeTotal Unrisked Potential: 2 Bnboe

North SeaNorth Sea

EgyptEgypt

AustraliaAustralia

U.S.U.S.

CanadaCanada

Ootla Shale3-6 TCF

Potential

ArgentinaArgentinaChileChile Carnarvon918 MMboe

Potential

Western Desert138 MMboe

Potential

Gippsland545 MMboe

Potential

A R G E N T I N AA R G E N T I N A

CSFB FEB 08.ppt 2/8/2008 9

URIBE

R io Cull en

Bahia

San Sebastian

R io C h ic o

R i o Avil e s

Ri o M o neta

Laguna

la Pascua

Laguna

Laguna de

la Suerte

Laguna

Grande

Rio Gr an de

Rio

Mac

Le n

n an

R io Ew an N or te

Ri o Ewa n

Sur

R | || |i | || || o G|| | ||r | | || |a | || || n| || || d | | || |e PTG (Roch)

20 Km

C.LEON

LAGO FUEGO

LA SARA

ATLANTICOCEAN

CH

ILE

AR

GEN

TIN

A

LOSCHORRILLOS

C.PIEDRA / C. NOMBRE

SANSEBASTIAN

Apache Blocks

Austral

2007 Seismic 3D2007 Wells2008 Seismic 3DExisting 3D2008 Exp .Wells

Argentina Exploration ‐ TDFArgentina Exploration ‐ TDF

50/50

JV APA/ ENAP

50/50

JV APA/ ENAP

100 APA100 APA

Seccion Banos2 discoveries w/ test

rates 1,000-1,600 BOPD11 appraisals in 2008

CNS 2005/20062 disc with combined

rate > 12 MMCFD1 appraisal in 2008

San Sebastian offshoreDiscovery yet to be

tested2008 appraisal program TBD

AGSE -1Tested 880 BOPD

30 drillable opportunities in 2008

2008 Drilling Program – 25 wells

CORPORATIONCORPORATION

1010CSFB FEB 08.ppt 2/8/2008 10

2008 Carnarvon Basin Drilling Program2008 Carnarvon Basin Drilling Program

2008

47 Wells

23 Exploration

24 Development

Unrisked reserve potential: 918 MMboe

CSFB FEB 08.ppt 2/8/2008 11 1111

CORPORATIONCORPORATION2008 Gippsland Basin Drilling Program2008 Gippsland Basin Drilling Program

Nemo

Elver

Hermit

Coelacanth Oyster

Speke S

Wasabi

Unrisked reserve potential: 545 MMboe

CORPORATIONCORPORATION

1212CSFB FEB 08.ppt 2/8/2008 12

2008 Egyptian Exploration Program2008 Egyptian Exploration Program

Cairo

ERB-B-2

GharIbon W

Gharibon NE

Azhar E

NEAG C2

NEAG C6

EBAH-E

EBAH-BEBAH-A

Baraka-2

Amana NW

NEAG C7

NEAG C5

EBAH-C

EBAH-DSIWA-A

Neith N

Catapult

Sultan-3

WKAN-CQasr N-1

Huda

Zircon

Killarney

NTRK-C

WKAL-C

Khalda S

Homer

Maggie

Cygnus-3

Apache OperatedApache Non-operatedDevelopment Leases

Flanders

Amber

Unrisked Expl Program Potential:138 MMboe

Total Egypt drilling program282 total wells (incl 40 expl)

Cretaceous

JurassicAEB

Hydra – 42 MMcf/d

1313

CORPORATIONCORPORATION

CSFB FEB 08.ppt 2/8/2008 13

NE British Columbia Shale PlayNE British Columbia Shale PlayApache and partner control just under 400,000 acres in the play

Winter drilling program will appraise potential for full scale development

At 160 acre spacing, potential to drill 1,200 net wells with reserves potential of 3 to 6 TCF

Apache and partner control just under 400,000 acres in the play

Winter drilling program will appraise potential for full scale development

At 160 acre spacing, potential to drill 1,200 net wells with reserves potential of 3 to 6 TCF

2007 Vertical well2007 Horizontal well2008 Activity

CORPORATIONCORPORATION

1414CSFB FEB 08.ppt 2/8/2008 14

Growth: Visible, Long TermGrowth: Visible, Long Term

1,900 6,70020,000 20,0005,000

20,00020,000 20,000

15,00020,000 20,0005,000

20,000 20,000

4,000 8,000

20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

2007 2008 2009 2010 2011

boed

Egypt Waterfloods Qasr/Salam expansionVan Gogh PyreneesReindeer Julimar

1,900 6,70020,000 20,0005,000

20,00020,000 20,000

15,00020,000 20,0005,000

20,000 20,000

4,000 8,000

20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

2007 2008 2009 2010 2011

boed

Egypt Waterfloods Qasr/Salam expansionVan Gogh PyreneesReindeer Julimar

108,000 boed(20% of Current Production!)

108,000 boed(20% of Current Production!)

Note: Does not include Ootla shale projectNote: Does not include Ootla shale project

6 Projects in development alone to add 108,000 boepd6 Projects in development alone to add 108,000 boepd

CORPORATIONCORPORATION

1515CSFB FEB 08.ppt 2/8/2008 15

Carnarvon Basin DevelopmentsCarnarvon Basin Developments

Julimar/Brunello Area Development

200 MMcf/d net2011 Reindeer

Development60 MMcf/d net

2Q10

Van Gogh Development

20,000 bopd net2Q09

Pyrenees Development

20,000 bopd netYE09-1Q10

4 projects will add 80+ Mboe/d by YE11 : 14% of current APA production4 projects will add 80+ Mboe/d by YE11 : 14% of current APA production

CORPORATIONCORPORATION

1616CSFB FEB 08.ppt 2/8/2008 16

Egypt ‐Major Development ProjectsEgypt ‐Major Development Projects

Asala RidgeBahariya and Abu RoashAbu Roash G Waterflood

UmbarkaAEB and Bahariya

Bahariya Waterflood

Kahraman-IsisJurassic, AEB & Bahariya

Bahariya Waterflood

Salam Plant Expansion200 MMcf/d capacity complete YE08

90 MMc/fd & 4,500 bopd net

Waterfloods to add 20,000 net bopd by 2010

CORPORATIONCORPORATION

1717CSFB FEB 08.ppt 2/8/2008 17

International Gas Price UpsideInternational Gas Price Upside

2007 (all under long term contracts) 195 $1.89Contract expirations 2010-2015 150 ??New gas to market 2010-2011 260 ??Current prices $5.00-$7.00

2007 (all under long term contracts) 195 $1.89Contract expirations 2010-2015 150 ??New gas to market 2010-2011 260 ??Current prices $5.00-$7.00

1st 9 months of 2007 production 204 $1.034Q07 production 193 $1.60Current unregulated prices +$3.00

1st 9 months of 2007 production 204 $1.034Q07 production 193 $1.60Current unregulated prices +$3.00

Australian Gas SummaryAustralian Gas Summary Production(MMcf/d)

Production(MMcf/d)

Avg Price($/Mcf)

Avg Price($/Mcf)

Argentina Gas SummaryArgentina Gas SummaryProduction

(MMcf/d)Production

(MMcf/d)Avg Price

($/Mcf)Avg Price

($/Mcf)

CSFB FEB 08.ppt 2/8/2008 18

CORPORATIONCORPORATIONCORPORATIONCORPORATION

1818

Apache Corporation 2008 CatalystsApache Corporation 2008 Catalysts

Exploration – 2 Bnboe resource potential- Australia – 1.5 Bnboe potential in Carnarvon & Gippsland basins

- Egypt – 138 MMboe potential in Western Desert

- Canada – 3-6 TCF of potential in Ootla shale

World Class Development Pipeline (2009 - 2011)- > 100,000 boe/d under development

- Australia – Van Gogh, Pyrenees, Reindeer & Julimar

- Egypt – Salam expansion & waterflood projects

International gas price strength- Australia - Reindeer contract 1H08; Julimar tender 2H08

- Argentina - strengthening prices

Exploration – 2 Bnboe resource potential- Australia – 1.5 Bnboe potential in Carnarvon & Gippsland basins

- Egypt – 138 MMboe potential in Western Desert

- Canada – 3-6 TCF of potential in Ootla shale

World Class Development Pipeline (2009 - 2011)- > 100,000 boe/d under development

- Australia – Van Gogh, Pyrenees, Reindeer & Julimar

- Egypt – Salam expansion & waterflood projects

International gas price strength- Australia - Reindeer contract 1H08; Julimar tender 2H08

- Argentina - strengthening prices

The  following  discussions  contain  certain  “forward‐looking  statements” as  defined  by  the  Private  Securities  Litigation  Reform Act  of  1995  including, without  limitation,  estimates, expectations,  plans  and  goals  regarding Apache’s  production,  reserves,  financings,  acquisitions,  exploration  and  exploitation  prospects,  energy  prices,  operating  costs,  and  results  of operations.  Such forward‐looking statements involve estimates, assumptions and uncertainties.  No assurance can be given that Apache’s expectations or goals will be realized, and actual results may differ materially from those expressed in the forward‐looking statements.  For reconciliations of non‐GAAP financial measures, see our web site www.apachecorp.com.

CORPORATIONCORPORATION

The  following  discussions  contain  certain  “forward‐looking  statements” as  defined  by  the  Private  Securities  Litigation  Reform Act  of  1995  including, without  limitation,  estimates, expectations,  plans  and  goals  regarding Apache’s  production,  reserves,  financings,  acquisitions,  exploration  and  exploitation  prospects,  energy  prices,  operating  costs,  and  results  of operations.  Such forward‐looking statements involve estimates, assumptions and uncertainties.  No assurance can be given that Apache’s expectations or goals will be realized, and actual results may differ materially from those expressed in the forward‐looking statements.  For reconciliations of non‐GAAP financial measures, see our web site www.apachecorp.com.

CORPORATIONCORPORATION

Roger Plank, CFORoger Plank, CFO