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APACHE REPORTS FIRST QUARTER INCOME OF $4 MILLION

 APACHE REPORTS FIRST QUARTER INCOME OF $4 MILLION
 DENVER, April 21 /PRNewswire/ -- Apache Corp. (NYSE: APA) today


announced first quarter net income of $4 million, or 9 cents per share, compared to $12.1 million, or 27 cents per share, a year ago. First quarter 1991 earnings were positively impacted by a nonrecurring gas contract settlement of $3.6 million, or 8 cents per share. Cash from operations totaled $42.7 million versus $43.1 million a year ago, which included the settlement benefit of $4.5 million.
 Oil production three times greater than last year's level helped check the quarter's weak spot market natural gas prices and a slide in oil prices which contributed to the company's earnings and cash flow declines.
 Raymond Plank, chairman and chief executive officer, commented that during the quarter spot market gas prices fell to their lowest level in 13 years. "However," he said, "given recent increases in both product prices and production volumes, the present outlook for the second quarter is improved."
 Apache's daily oil production averaged 32,292 barrels compared to 9,818 barrels produced in the first quarter 1991. The company realized an average oil price of $16.62 per barrel, 5 percent lower than was received a year ago. While oil made up 43 percent of Apache's equivalent production, it contributed 59 percent of the quarter's production revenues.
 A 3 percent decrease in first quarter daily gas production to 254.9 million cubic feet reflected the disposition of largely gas- bearing properties during the second half of 1991, production curtailments in Oklahoma in February when gas prices reached their lows of 95 cents per thousand cubic feet (Mcf) and curtailments of non-operated offshore production in February and March. Apache's premium-priced contracts helped mitigate the reduction in the company's average realizations to $1.47 per Mcf, still off 10 percent from a year ago.
 Apache is an independent energy company engaged in exploration for and development and production of natural gas and crude oil. The company's securities are traded on the New York and Midwest Stock Exchanges (symbol APA).
 APACHE CORP. AND SUBSIDIARIES
 SUMMARY FINANCIAL INFORMATION
 (In thousands, except per share data)
 For the Three Months
 Ended March 31,
 1992 1991
 FINANCIAL DATA
 Revenues $ 92,195 $ 68,026
 Net Income $ 4,049 $ 12,110
 Income per Common Share $ .09 $ .27
 Weighted Average Shares of
 Common Stock Outstanding 46,885 44,695
 PRODUCTION AND PRICING DATA
 Natural Gas Production -
 (Million Cubic Feet) 23,199 23,739
 Average Price per Thousand
 Cubic Feet $ 1.47 $ 1.63
 Oil and Condensate Production -
 (Thousands of Barrels)
 Domestic 2,829 884
 International 110 ---
 Total 2,939 884
 Average Price per Barrel
 Domestic $ 16.52 $ 17.58
 International $ 19.19 $ ---
 Total $ 16.62 $ 17.58
 -0- 4/21/92
 /CONTACT: Jeanne Buchanan of Apache, 303-837-5017/
 (APA) CO: Apache Corp. ST: Colorado IN: OIL SU: ERN


MC -- DV007 -- 0501 04/21/92 10:18 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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