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APACHE REPORTS SECOND QUARTER NET INCOME OF $11.5 MILLION

 HOUSTON, July 20 /PRNewswire/ -- Spurred by a 26-percent increase in its natural gas price realizations, Apache Corp. (NYSE: APA) today announced second quarter net income of $11.5 million, or 22 cents per share. Absent the $18.5 million, or 39 cents per share, one-time gain from the sale of the company's interest in a marketing affiliate, Apache earned $5.5 million, or 12 cents per share, during the prior-year period.
 A second-quarter record, cash from operations reached $62.4 million versus last year's $50 million, excluding $22.3 million from the affiliate sale.
 For the first half of 1993, Apache's net income totaled $23.1 million, or 46 cents per share, versus $9.6 million, or 20 cents per share, (absent the non-recurring gain) earned in the first six months of 1992. Cash from operations of $122.2 million, a record for a six-month period, compared to 1992's first half total of $92.7 million, excluding the one-time gain.
 "In addition to posting strong operating results during the quarter, Apache negotiated two acquisitions which herald another year of reserve growth plus increased gas production through 1994," said chairman and chief executive officer Raymond Plank.
 Average daily gas production during the quarter of 271.2 million cubic feet (MMcf) compared to 273.1 MMcf in the comparable period last year. Apache realized an average $2.01 per thousand cubic feet (Mcf) versus $1.60 per Mcf reported in the year-earlier quarter.
 Oil production averaged 31,957 barrels per day versus average daily production of 33,036 barrels a year ago. Apache's average oil price rose 14 cents year-over-year to $18.51 per barrel.
 Apache is an independent energy company engaged in the 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 Quarter For the Six Months
 Ended June 30, Ended June 30,
 1993 1992 1993 1992
 FINANCIAL DATA
 Revenues $111,270 $131,230 $219,862 $223,425
 Net Income $11,495 $24,027 $23,087 $28,076
 Income per Common Share $.22 $.51 $.46 $.60
 Weighted Average Shares of
 Common Stock Outstanding 52,766 46,901 50,160 46,893
 PRODUCTION AND PRICING DATA
 Natural Gas Production -
 (Million Cubic Feet) 24,675 24,849 49,066 48,048
 Average Price per Mcf $2.01 $1.60 $2.00 $1.54
 Oil and Condensate Production -
 (Thousands of Barrels)
 Domestic 2,830 2,906 5,606 5,735
 International 78 100 112 210
 Total 2,908 3,006 5,718 5,945
 Average Price per Barrel
 Domestic $18.45 $18.30 $18.43 $17.42
 International $20.45 $20.45 $20.25 $19.79
 Total $18.51 $18.37 $18.47 $17.51
 -0- 7/20/93
 /CONTACT: Jeanne Buchanan of Apache, 713-296-6155/
 (APA)


CO: Apache Corp. ST: Texas IN: OIL SU: ERN

TS-MC -- DV004 -- 6539 07/20/93 07:58 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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