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."
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.
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:
Alternative Work Schedule
Updated February 15, 2015