Apache Corporation

Oil and gas exploration company.

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Headquarters:
One Post Oak Central, Suite 100
Houston, TX 77056
Employees: 5,976
CEO: John Christmann
Stock Symbol: APA

Website: http://www.apachecorp.com

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Apache Corporation is a leading independent oil and gas exploration and development company with core operations in the United States, Canada, Egypt, the United Kingdom and Australia.

In the United States, Apache is one of the leading oil and gas exploitation companies with operations in the Outer Continental Shelf in the Gulf of Mexico, the Anadarko Basin of Western Oklahoma, the Permian Basin of West Texas and New Mexico, the San Juan Basin of New Mexico, East Texas and the Texas and Louisiana Gulf Coast.

Apache reported 2014 revenues of $13.8 billion, down from $15.5 billion. The company reported a net loss of $5.4 billion due to write down in value of oil assets.

Apache Corporation reported fourth quarter production of 673,000 barrels of oil equivalent per day and had proven reserves totaling 2.4 billion barrels of oil equivalent at the end of 2014, down from 2.65 billion in 2013.

"Onshore North American liquids production growth exceeded our guidance for 2014, and we exited the year with strong operational momentum," said John Christmann IV, Apache's chief executive officer and president. "Since our Nov. 20th North American Update, oil and gas prices have decreased substantially, prompting us to act quickly and decisively to reduce activity levels and reset our well cost structure. We have reduced our rig count from an average of 91 rigs in the third quarter of 2014 to an estimated 27 rigs by the end of this month. We have also reduced our frac crews by approximately 50 percent during the same time period and are delaying some well completions until service costs decrease materially. In 2015, Apache will run a streamlined capital program that focuses on efficiency improvements, downspacing and other strategic tests to further delineate our extensive inventory of locations within the Permian, Eagle Ford, Canyon Lime, Duvernay and Montney. While we are fortunate to have a substantial inventory of projects that can make economics at these oil prices, we believe it more prudent to curtail our activity until costs are lower and prices recover. This strategy will enable us to further strengthen our balance sheet and preserve the financial flexibility to capitalize on industry opportunities during the downturn."

History

Apache Oil was founded on December 6, 1954, in Minneapolis, MN, by Truman Anderson, Raymond Plank and Charles Arnao.

The three partners, fascinated by the investment and tax-shelter opportunities offered by drilling for oil and gas, challenged early employees to develop a name for their venture. Helen Johnson added "che" to APA and was awarded a $25 United States Savings Bond for her efforts.

Apache's first wells were drilled in 1955 in the Cushing field located about midway between Tulsa and Oklahoma City.

Benefits

Apache offers medical, dental and vision coverage.

The company believes in paying for performance, and this philosophy is embodied in competitive base salaries and generous incentive plans.

Growth in base pay will reflect the individual's performance and growth in their contribution to the success of the company. In addition, variable incentives are offered to reward both individual, organization, and corporate performance and achievement.

Stock options are also awarded annually.

Apache provides two retirement plans to help employees build long-term financial security:
- 401(k) Savings Plan Allows employees to defer up to 25% of their salary on a pre-tax basis (subject to IRS limitations). The company matches the employee's contribution, up to 6% of salary, dollar for dollar. The plan is administered by Fidelity Investments, and employees have the flexibility to direct the investment of both their contributions and the company match among a range of investment options with Fidelity. Vesting of the company match is at 20% per year.
- Money Purchase Retirement Plan Each year Apache contributes 6% of the employee's prior year earnings (base pay, annual incentive bonus and overtime, if applicable) to a retirement savings account, again managed through Fidelity Investments. As with the 401(k) plan, employees may choose how the contributions are invested the options offered by Fidelity. Vesting of the company contribution is at 20% per year.

Alternative Work Schedule
A compressed work week is available at the Houston and Tulsa offices: 9 hour days Monday through Thursday, and 4 hours on Friday.
Flextime is available to accommodate childcare, educational or medical needs whenever possible. The extent of the flextime offering may vary from group to group, depending on operating needs.

Employee Time-Off
Exempt employees receive 3 weeks of annual vacation and nonexempt employees receive 2 weeks (increasing to 3 weeks after 5 years). Vacation allotment increases with company service to 4 weeks after 10 years and 5 weeks after 20 years.
Apache provides 10 paid holidays each year: 7 fixed and 3 floating. Depending upon date of hire, the number of floating holidays credited to new employees is allocated in accordance with a published schedule.
48 hours of paid sick leave are available each year for illness or for the care of spouse or children.

Updated February 15, 2015