JPM E&P Shale Well Watcher APA Putting More Puzzle Pieces Together on the North Slope of Alaska

Research evidence excerpt

JPM E&P Shale Well Watcher APA Putting More Puzzle Pieces Together on the North Slope of Alaska

J P M O R G A N North America Equity Research

15 June 2026

JPM E&P Shale Well Watcher

APA Putting More Puzzle Pieces Together on the North

Slope of Alaska

JPM View: In this week’s Well Watcher, we highlight incremental steps taken by APA Oil & Gas Exploration & Production

ACmanagement to build its position of the North Slope of Alaska. Earlier this week, APA Arun Jayaram

announced a strategic acquisition to acquire Savant Alaska for ~$70mm plus (1-212) 622-8541

contingent payments tied to future development of APA’s eastern North Slope arun.jayaram@jpmchase.com

position. We believe the transaction represents a relatively low-cost deal to pull more Pankaj Bhatter, CFA

of the midstream Alaska value chain inside the company’s control, as the acquisition (1-212) 622-3795

brings ownership of the Badami facilities (nameplate capacity of ~40 Mbo/d), the pankaj.bhatter@jpmchase.com

Nutaaq Pipeline (~80 Mbo/d of capacity into the trans-Alaska pipeline system), and Jack Jerusalmi

a suite of field infrastructure adjacent to APA’s existing acreage. In terms of acreage, (1-212) 622-6552

jack.jerusalmi@jpmorgan.com

the transaction adds ~17k net acres in the Badami unit, ~75k net acres in the Grey Owl J.P. Morgan Securities LLC

unit and additional non-unitized acreage adjacent to Badami, which would take APA’s

eastern North Slope position to ~487k gross acres. We believe the transaction provides

the company with a clearer path to utilize existing infrastructure to support appraisal

and development across its broader eastern North Slope position. Importantly, the

management team believes that the asset package enhances APA’s ability to execute