HOUSTON, March 3 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE:
APA; Nasdaq) today announced that it has achieved its goal of doubling its
share price in less than three years, adding approximately $19 billion in
shareholder value.
Approximately 2,800 employees will share in the achievement through
special incentives in the form of Apache common stock with a total value of
about 1 percent of the growth in market capitalization.
"The recently completed year was remarkable for Apache, its employees
and investors on a number of fronts," said G. Steven Farris, Apache's
president and chief executive officer. "Apache established new records for
production, reserves, net income and cash from operations. The year also
brought several important discoveries in our core growth areas of
Australia, Canada and Egypt which we expect to propel our growth in future
years.
"The effort and dedication by Apache employees -- buoyed by our strong
culture and our values of integrity, respect for human dignity, work ethic
and sense of urgency -- fueled these results," Farris said.
"On Feb. 29, Apache's employees achieved what was once thought to be an
impossible dream: doubling the company's share price in less than three
years," Farris said. The stock closed at $114.71, up from $56.73, the close
on May 5, 2005, the day shareholders approved the Share Appreciation Plan.
More than 90 percent of the incentives will be paid to non-executive
employees. People employed at Apache when the program began will receive
shares equivalent to at least 50 percent of their annual salaries at that
time; those hired later (but before July 1, 2007) will receive prorated
awards. A total of about 2 million shares will be paid in four annual
installments, providing a strong retention incentive.
To read a letter about the Share Appreciation Plan from Farris and
Apache Chairman and Founder Raymond Plank to Apache's shareholders, please
visit the company's Web site, http://www.apachecorp.com.
Apache Corporation discovers and produces oil and gas in the United
States, Canada, the United Kingdom sector of the North Sea, Egypt,
Australia and Argentina.
This news release contains certain "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 including, without limitation, expectations,
beliefs, plans and objectives regarding production and exploration
activities. Any matters that are not historical facts are forward-looking
and, accordingly, involve estimates, assumptions, risks and uncertainties,
including, without limitation, risks, uncertainties and other factors
discussed in our 2007 Form 10-K and on our Web site. There is no assurance
that Apache's expectations will be realized, and actual results may differ
materially from those expressed in the forward-looking statements. We
assume no duty to update these statements as of any future date.
APA-F
SOURCE Apache Corporation
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Related links:
http://www.apachecorp.com
CONTACT:
media, Bill Mintz, +1-713-296-7276, or
investors, Robert Dye, +1-713-296-6662, or David Higgins,
+1-713-296-6690, all of Apache Corporation
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