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APACHE REPORTS RECORD FOURTH QUARTER EARNINGS AND CASH FLOW 1991 INCOME TOTALS $34.6 MILLION

 APACHE REPORTS RECORD FOURTH QUARTER EARNINGS AND CASH FLOW
 1991 INCOME TOTALS $34.6 MILLION
 DENVER, Feb. 4 /PRNewswire/ -- Overcoming lower oil and gas prices, Apache Corp. (NYSE: APA) posted record fourth-quarter earnings per share of 32 cents, or $14.9 million, versus 26 cents per share, or $11.7 million, for the like period a year ago. Strong oil and gas production, resulting from Apache's $545-million acquisition at mid- year, boosted earnings and cash from operations, which increased 9 percent to $60.6 million from $55.8 million in the comparable 1990 period.
 Nineteen ninety-one earnings totaled $34.6 million, or 76 cents per share. Excluding the previously announced non-recurring, after-tax charge of $7.1 million to relocate its headquarters to Houston, the company's earnings would have been a record $41.7 million, or 91 cents per share, compared to $40.3 million, or 90 cents per share, in the prior year. Cash from operations also reached a high of $176.7 million versus $173.7 million in 1990. Absent the relocation charge, cash from operations would have been $187.8 million.
 "Apache's strong finish to the year was particularly gratifying in that the fourth quarter provided the first true comparison of the company's results since the acquisition, clearly demonstrating our potential," said Chairman and Chief Executive Officer Raymond Plank.
 "Despite these strong results," Plank warned, "the outlook for 1992 bears no resemblance to the prior year. Spot market gas prices in the middle of the heating season are 30 cents per thousand cubic feet (Mcf) below February last year and at their lowest level since 1978. Industry oil prices are down $2.25 per barrel from this time a year ago."
 The company noted its rapid debt reduction and strong oil production as mitigating factors to the current price malaise. Property dispositions yielded proceeds of over $150 million which, coupled with cash from operations, enabled Apache to reduce debt to $496 million by year end.
 Enhanced by the mid-year acquisition, daily oil production averaged 21,271 barrels in 1991 versus 9,241 barrels per day in 1990. Average daily gas production rose 11 percent to 287 million cubic feet (MMcf) from 259 MMcf in 1990.
 In 1991, Apache received an average oil price of $18.40 per barrel, a $2.67 per barrel decline from last year's oil realization which was propped up by the Persian Gulf War. The lowest spot market gas prices in 12 years influenced the company's realized gas price which fell to $1.58 per Mcf from the year-earlier price of $1.71 per Mcf.
 Apache's record year-end oil and gas reserves, balanced at 44 and 56 percent, respectively, increased over two-thirds to 180 million barrels of oil equivalent (MMBoe). Excluding acquisitions, domestic capital expenditures totaled $103 million and international expenditures totaled $9 million.
 Apache is engaged in the exploration for and production and development of crude oil and natural gas. Its securities are traded on the New York and Midwest Stock Exchanges (symbol APA).
 APACHE CORP. AND SUBSIDIARIES
 SUMMARY FINANCIAL INFORMATION
 For the Quarter For the Year
 FINANCIAL DATA Ended Dec. 31, Ended Dec. 31,
 (In thousands, except 1991 1990 1991 1990
 per share data)
 Revenues $116,456 $ 80,936 $356,930 $273,410
 Net Income $ 14,850 $ 11,688 $ 34,615 $ 40,927
 Income per Common Share $ .32 $ .26 $ .76 $ .90
 Weighted Average Shares of
 Common Stock Outstanding 46,848 44,717 45,777 44,661
 PRODUCTION AND PRICING DATA
 Natural Gas Production -
 (Million Cubic Feet) 27,133 25,072 104,622 94,554
 Average Price per Mcf $ 1.82 $ 1.87 $ 1.58 $ 1.71
 Oil and Condensate
 Production -
 (Thousands of Barrels)
 Domestic 2,826 945 7,554 3,373
 International 112 - 210 -
 Total 2,938 945 7,764 3,373
 Average Price per Barrel
 Domestic $ 18.68 $ 26.24 $ 18.31 $ 21.07
 International $ 22.61 - $ 21.75 -
 Total $ 18.83 $ 26.24 $ 18.40 $ 21.07
 -0- 2/4/92
 /CONTACT: Jeanne Buchanan of Apache, 303-837-5017/
 (APA) CO: Apache Corp. ST: Colorado IN: OIL SU: ERN


BB -- DV003 -- 6696 02/04/92 12:29 EST
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Date:Feb 4, 1992
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