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APACHE REPORTS THIRD QUARTER EARNINGS: CASH FLOW AND PRODUCTION REACH RECORD LEVELS

 HOUSTON, Oct. 26 /PRNewswire/ -- Apache Corporation (NYSE: APA) reported third quarter earnings of $1.1 million, or $.02 per share, compared to $8.5 million, or $.18 per share, a year ago. Cash from operations during the quarter reached an all-time high on record equivalent production.
 The quarter's earnings were impacted by two previously announced one-time charges totaling $7.8 million, or $.15 per share. Apache wrote down the carrying value of its investments in West Africa and, due to the recent enactment of tax legislation increasing the federal corporate tax rate, took a charge to account for the restatement of deferred taxes.
 In the first nine months of 1993, earnings totaled $24.2 million, or $.47 per share, vs. $36.6 million, or $.78 per share, in the comparable 1992 period, which included a one-time gain of $18.5 million ($.39 per share) from the sale of a gas marketing affiliate.
 Cash from operations during the quarter reached $65.9 million, up 19 percent from last year. Nine-month cash flow totaled $188 million vs. $170.3 million in the corresponding 1992 period, which included a one-time gain of $22.3 million from the above-mentioned sale.
 Average daily gas production during the quarter rose 29 percent to 317 million cubic feet, reflecting both the assimilation of Gulf of Mexico properties acquired from Hall-Houston in August and production from the company's Matagorda Island Blocks 681 and 682, which were acquired in the fourth quarter of 1992. As spot market gas prices resisted seasonal declines, Apache realized a 10-percent increase in its average price of $2.01 per thousand cubic feet.
 Third quarter oil production of 35,715 barrels per day was up 7 percent from 33,375 barrels a year ago due primarily to the integration of production from Hadson Energy Resources, of which Apache owns approximately two-thirds following a July stock purchase. Apache's average oil price realizations of $15.93 per barrel fell 17 percent, or $3.18 per barrel, from last year's quarterly average.
 "Having participated in 184 new wells through the third quarter, of which 141 are productive, Apache is on pace to drill more wells and add more reserves through drilling than in any prior year," said Chairman and Chief Executive Officer Raymond Plank. "In addition, acquisitions totaling $285 million in 61 separate transactions have been closed or are under contract, contributing to another year of significant reserve growth."
 Apache Corporation 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 Chicago Stock Exchanges (symbol APA).
 APACHE CORPORATION AND SUBSIDIARIES
 Summary Financial Information
 For the Quarter For the Nine Months
 Financial Data Ended Sept. 30, Ended Sept. 30,
 (In thousands, except 1993 1992 1993 1992
 per share data)
 Revenues $122,013 $111,305 $341,875 $334,730
 Net income $1,081 $8,476 $24,168 $36,552
 Income per
 common share $.02 $.18 $.47 $.78
 Weighted average shares
 of common stock
 outstanding 52,904 46,909 51,085 46,898
 Production and Pricing Data
 Natural gas production --
 (million cubic feet) 29,206 22,575 78,271 70,623
 Average price per Mcf $2.01 $1.82 $2.00 $1.63
 Oil and condensate
 production --
 (thousands of barrels)
 Domestic 2,989 2,975 8,595 8,710
 International 297 95 409 305
 Total 3,286 3,070 9,004 9,015
 Average price per barrel
 Domestic $15.58 $19.02 $17.44 $17.97
 International 19.51 21.99 19.71 20.48
 Total 15.93 19.11 17.54 18.05
 -0- 10/26/93
 /CONTACT: John Kelso, 713-296-6154/
 (APA)


CO: Apache Corporation ST: Texas IN: OIL SU: ERN

JB-LS -- LA003 -- 6702 10/26/93 08:16 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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