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APACHE TURNS IN 1992 INCOME OF $47.8 MILLION; COMPANY POSTS RECORD CASH FLOW, PRODUCTION AND RESERVES

 HOUSTON, Feb. 2 /PRNewswire/ -- Buoyed by record production and improved natural gas prices, Apache Corp. (NYSE: APA) today reported 1992 earnings of $47.8 million, or $1.02 per share, compared to $34.6 million, or $.76 per share, reported in 1991. Cash from operations surged to a record $235.2 million in 1992 from $176.7 million a year earlier, a 33 percent increase. 1992 results included a non-recurring, after-tax gain of $18.5 million, or $.39 per share, from the sale of Apache's interest in a gas marketing affiliate.
 Fourth quarter 1992 net income of $11.2 million, or $.24 per share, compared to $14.9 million, or $.32 per share, for the same period a year ago. Excluding income from the former marketing affiliate and favorable severance tax adjustments in 1991, as well as faster amortization of Apache's international portfolio in 1992, earnings and cash flow from domestic operations were up 17 and 14 percent, respectively, quarter-over-quarter.
 "Apache replaced 128 percent of record production, counter to initial expectations that 1992 would be a year of digestion following the prior year's sizeable acquisition," said Raymond Plank, chairman and chief executive officer. "Our lowest replacement cost in over a decade, $4.46 per barrel, enabled us to grow reserves by 4 percent overall, despite dispositions of non-strategic properties made to streamline operations and reduce debt."
 Apache's estimated reserves at year-end 1992 were 187.9 million barrels of oil equivalent (MMboe) versus 1991's 180.2 MMboe. Total debt was reduced $40 million to $455 million, or 49 percent of capitalization.
 Influenced by the mid-1991 acquisition, Apache's 1992 oil production reached 32,900 barrels per day, compared to average daily production of 21,300 barrels in 1991. The company realized an average price of $18.16 per barrel compared to $18.40 per barrel a year ago.
 Reflecting the company's dispositions of predominantly gas- bearing properties during 1992, the year's average daily gas production slipped nine percent to 262.2 million cubic feet (MMcf). However, Apache's November acquisition of producing properties offshore Texas pushed daily gas output to approximately 290 MMcf at year end. The company's average price of natural gas increased 11 percent year-over-year to $1.76 per thousand cubic feet in 1992.
 Apache Corp. 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 CORPORATION AND SUBSIDIARIES
 Summary Financial Information
 Financial Data
 (In thousands, except per share data)
 For the Quarter For the Year
 Ended Dec. 31, Ended Dec. 31,
 1992 1991 1992 1991
 Revenues $119,570 $116,456 $454,300 $356,930
 Net income $11,224 $14,850 $47,776 $34,615
 Income per common
 share $.24 $.32 $1.02 $.76
 Weighted average shares
 of common stock
 outstanding 46,923 46,848 46,904 45,777
 Production and Pricing Data
 Natural gas production -
 (million cubic feet) 25,359 27,133 95,982 104,622
 Average price per Mcf $2.13 $1.82 $1.76 $1.58
 Oil and condensate
 production -
 (thousands of barrels)
 Domestic 2,956 2,826 11,666 7,554
 International 85 112 390 210
 Total 3,041 2,938 12,056 7,764
 Average Price per Barrel
 Domestic $18.40 $18.68 $18.08 $18.31
 International 20.81 22.61 20.55 21.75
 Total 18.46 18.83 18.16 18.40
 -0- 2/2/93
 /CONTACT: Jeanne Buchanan of Apache Corp., 713-296-6155/
 (APA)


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

MS-LS -- DV002 -- 1633 02/02/93 07:03 EST
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Date:Feb 2, 1993
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