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APACHE POSTS EARNINGS OF $11.6 MILLION; $59.8 MILLION CASH FLOW FIRST QUARTER RECORD

 HOUSTON, April 20 /PRNewswire/ -- Boosted by improved natural gas and crude oil prices and higher gas production, Apache Corp. (NYSE: APA) reported first quarter 1993 earnings of $11.6 million, or 24 cents per share, compared to $4.0 million, or 9 cents per share, reported a year earlier. Cash from operations reached a first quarter record of $59.8 million, up 40 percent from a year ago.
 "Apache had a fast start in the first quarter with earnings nearly three times those of a year ago, record cash flow and strong operating results," said Raymond Plank, chairman and chief executive officer. "With a significant offshore pipeline connection late in the first quarter and increased drilling activity, our natural gas production continues to move up with prices as we enter the second quarter."
 Average daily gas production during the quarter rose 6 percent to 271 million cubic feet, reflecting the impact of Apache's interests in Matagorda Island Blocks 681 and 682, which were acquired late in 1992. As spot market gas prices climbed from the low first quarter prices of a year ago, the company realized a 35 percent increase in its average price of $1.99 per thousand cubic feet.
 First quarter oil production of 31,218 barrels per day was off slightly from 32,292 barrels a year ago, due to water encroachment in a Nevada field and a temporary pipeline problem associated with Western Australia production. Apache realized an average oil price of $18.43 per barrel, up 11 percent over last year's.
 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
 For the Quarter
 FINANCIAL DATA Ended March 31,
 (In thousands, except 1993 1992
 per share data)
 Revenues $108,592 $ 92,195
 Net Income $ 11,592 $ 4,049
 Income per Common Share $ .24 $ .09
 Weighted Average Shares of
 Common Stock Outstanding 47,525 46,885
 PRODUCTION AND PRICING DATA
 Natural Gas Production -
 (Million Cubic Feet) 24,390 23,199
 Average Price per Thousand Cubic Feet $1.99 $1.47
 Oil and Condensate Production -
 (Thousands of Barrels)
 Domestic 2,776 2,829
 International 34 110
 Total 2,810 2,939
 Average Price per Barrel
 Domestic $18.41 $16.52
 International $19.80 $19.19
 Total $18.43 $16.62
 -0- 4/20/93
 /CONTACT: Jeanne Buchanan of Apache, 713-296-6155/
 (APA)


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

MC -- DV005 -- 7729 04/20/93 07:34 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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