Apache Corporation, an oil and gas exploration and production company, has onshore and offshore operations in major oil patches around the world, including in North America as well as in Australia, Egypt, and the UK North Sea. In North America it is active in the Gulf of Mexico, the Gulf Coast of Texas and Louisiana, the Permian Basin in West Texas, the Anadarko Basin in Oklahoma, and Canada's Western Sedimentary Basin. In 2015 the company reported worldwide estimated proved reserves of 1.6 billion barrels of oil equivalent. That year, Anadarko Petroleum made a bid to acquire the financially embattled Apache, which the company rebuffed.


The company explores for, develops, and produces natural gas, crude oil, and natural gas liquids (NGLs).

Apache's North America Onshore segment had access to significant liquid hydrocarbons across 10.7 million gross acres onshore in the US and Canada, of which 55% was undeveloped. About 58% of Apache's worldwide 2015 production and 72% of its proved reserves were onshore in the US and Canada. The onshore assets are divided into four regions: Permian, Gulf Coast, MidContinent, and Canada. In 2015 the North America segment operated 19 onshore rigs.

In 2015 the company participated in drilling 693 gross wells with 660 (95%) completed as producers. Productive Oil and Gas Wells - gross wells 23,610 (net 15,360).

Geographic Reach

Apache has exploration and production assets in Canada, Egypt, the UK, and the US. In 2015 the US accounted for 41% of Apache's revenues; International operations, 59%.

Sales and Marketing

Apache sells its natural gas to local distribution companies, utilities, end-users, and major oil companies. Canadian natural gas is also sold to supply aggregators and marketers (it has market hubs Alberta and Manitoba where it is sold)

The company's NGL production is sold under contracts.

Apache's major customers include Royal Dutch Shell (11% of 2015 sales) and Vitol Group.

Financial Performance

Hurt by an ongoing slump in global oil prices, the company has recorded a declining trend in net revenues over the last five years.

In 2015, Apache's net revenues stood at $6.37 billion, a drop of 54% on 2014 due largely to the discontinuation of its Australian operations.

The company has reported a net loss over the last five years.

In 2015, net loss was $23.53 billion, an increase of 365% compared to 2014, due to lower net sales and an increase in additional depreciation, depletion, and amortization charges related to oil and gas properties.

Cash from operating activities was $2.98 billion, a drop of 65% on 2014.


Apache spreads its production risks both through geographic diversification and through mixing low- and higher-risk properties in its portfolio. With the intention of focusing its growth in North America offshore, Apache continues to pursue joint venture and other monetization opportunities for its deepwater prospects, which offer exposure to significant reserve and production potential in underexplored and oil-prone areas in water depths greater than 1,000 feet.

Its drilling activities in the US have generally concentrated on exploitation and extension of existing producing fields rather than exploration. Operations outside of North America focus on a mix of exploration and development wells.

As part of this strategic push, the company raises cash to pay down debt and to reinvest in core areas. In 2015 the company sold its Australian subsidiary Apache Energy Limited to a consortium of private equity funds managed by Macquarie Corporate Holdings Limited and Brookfield Asset Management for $1.9 billion.

In 2015 Apache also sold its interests in the Wheatstone LNG and Kitimat LNG projects, respectively, along with accompanying upstream oil and gas reserves, to Woodside Petroleum for $3.7 billion.

In response to the ongoing decline in commodity prices, Apache reduced activity levels and is focusing on bringing costs into alignment with commodity prices. It reduced capital investments by more than 60% and realized reductions in drilling, operating, and overhead costs. These steps, coupled with strategic divestitures, enabled it to reduce debt by $2.5 billion in 2015. Apache's capital investments in 2016 are in the range of $1.4 to $1.8 billion.

In 2014 the company sold its Argentina operations and properties to YPF for $786 million; its Kitimat (Canada) LNG and Wheatstone (Australia) LNG project stakes (along with accompanying upstream oil and gas reserves) to Woodside Petroleum for $2.75 billion; and certain Anadarko basin and southern Louisiana oil and gas assets for approximately $1.3 billion. It also sold dry gas producing hydrocarbon assets in the Deep Basin area of western Alberta and British Columbia, Canada, for $374 million.

Other sales included a one-third minority stake in its Egypt oil and gas business to a subsidiary of Sinopec International Petroleum Exploration and Production for $2.95 billion, and Gulf of Mexico Shelf (shallow water) operations and properties to Fieldwood Energy, an affiliate of Riverstone Holdings for $3.7 billion.

Mergers and Acquisitions

Substantially increasing its drilling opportunities in key focus areas in North America (including the Eagle Ford and Canyon Lime plays), in 2014 Apache completed $1.3 billion of leasehold acquisitions.

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2000 Post Oak Blvd #100
Houston, TX 77056-4400
Phone: 1 (713) 296-6000
Fax: 1 (713) 296-6483


  • Employer Type: Public
  • Stock Symbol: APA
  • Stock Exchange: NYSE
  • President and CEO: John J. Christmann
  • Chairman: John E. Lowe
  • EVP Operations Support: Timothy J. Sullivan
  • 2016 Employees: 3,727

Major Office Locations

  • Houston, TX

Other Locations

  • Phoenix, AZ
  • Huntington Park, CA
  • Ramona, CA
  • Cameron, LA
  • Erath, LA
  • Golden Meadow, LA
  • Houma, LA
  • Plain Dealing, LA
  • Eunice, NM
  • Chickasha, OK
  • Elk City, OK
  • Tulsa, OK
  • Woodward, OK
  • Andrews, TX
  • Bay City, TX
  • Bishop, TX
  • Crane, TX
  • Edcouch, TX
  • El Campo, TX
  • Garden City, TX
  • Lubbock, TX
  • Mertzon, TX
  • Midland, TX
  • Pearland, TX
  • Perryton, TX
  • San Antonio, TX
  • Sundown, TX
  • Welch, TX
  • Wink, TX
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