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 The headquarters of the company inPost Oak Central,Houston, Texas. | |
| Company type | Public |
|---|---|
| ISIN | US03743Q1085 |
| Industry | Petroleum industry |
| Founded | December 6, 1954; 70 years ago (1954-12-06) |
| Founders |
|
| Headquarters | Post Oak Central Houston, Texas, U.S. |
Key people | John J. Christmann IV (CEO) |
| Products | |
Production output | 454.7 thousandbarrels of oil equivalent (2,782,000 GJ) per day (2024) |
| Revenue |  US$9.74 billion (2024) |
 US$1.90 billion (2024) | |
| US$804 million (2024) | |
| Total assets | US$19.4 billion (2024) |
| Total equity | US$5.28 billion (2024) |
Number of employees | 2,305 (2024) |
| Website | apacorp |
| Footnotes / references [1] | |
APA Corporation is the holding company for Apache Corporation, an American company engaged inhydrocarbon exploration.[2] It isorganized in Delaware and headquartered inHouston. The company is ranked 431st on theFortune 500.[3]
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In 1954, the Apache Oil Corporation was founded inMinneapolis, Minnesota, by Truman Anderson,Raymond Plank and Charles Arnao with $250,000 in funding.[4]
In 1955, the first wells were drilled in the Cushing field, betweenTulsa andOklahoma City.[5]
In 1960, the company acquired interests in theFoshay Tower, a Minneapolis landmark. The 32-story imitation of theWashington Monument, became the company's headquarters from the early 1960s until 1984.[5]
In 1967, the oil well Fagerness #1 was drilled, yielding the company's first major discovery.[5]
In 1969, the company became apublic company via aninitial public offering.[5]
In 1970, the company diversified intoagriculture with the acquisition of the S&J Ranch in California. The ranch producedcitrus fruit,figs,pistachios,olives, andalmonds.[5] It was sold in 1987 toCastle & Cooke.[6]
In 1971, the company formed Apache Exploration Company (subsequently "Apexco") as its oil and gas operating company.[5]
In 1977, the company sold Apexco and its non-petroleum holdings, including the ranch, and reinvested into a farm-in agreement with GHK to operate its wells in theAnadarko Basin.[5]
In 1980, the company acquired a non-operating interest, via a participation in aRoyal Dutch Shelljoint venture, in operations in theGulf Of Mexico.[5]
In 1981, the company created Apache Petroleum Company (APC), the first publicmaster limited partnership in the United States.[7]
In 1985, the company acquired oil and gas wells in eight states from David Holdings for $200 million. In 1986, the company acquired oil and gas assets in theGulf of Mexico from Occidental Petroleum.[8]
In 1987, the company moved its headquarters fromMinneapolis toDenver.[5]
In 1991, the company doubled its reserves by acquiring assets fromAmoco, including a position in thePermian Basin of West Texas, for $515 million and 2 million shares of the company.[9][10]
In 1992, the company moved its headquarters toHouston, Texas and signed a lease for 220,000 square feet of office space.[11]
In 1993, the company acquired Hadson Energy Resources in a $58 million transaction, expanding its assets to offshore Western Australia.[12]
In 1994, the company began operations inEgypt by acquiring a 25 percent non-operated interest in the Qarun Concession, operated by the Phoenix Resource Companies. Production began in December 1995.[13]
In 1995, the company acquired Dekalb Energy Canada, marking the company's return to Canada, in a $285 million stock transaction.[14]
In 1995, the company also acquired 315 oil and gas fields in thePermian Basin, the Texas-Louisiana Gulf Coast, western Oklahoma, East Texas, theRocky Mountains and the Gulf of Mexico fromTexaco.[15]
In 1996, the company acquired Phoenix Resources and took over operations of the Qarun Concession in Egypt.[16]
In 1999, the company acquired fields and leases in the Gulf of Mexico fromRoyal Dutch Shell for $715 million in cash, plus 1 million shares of stock.[17]
In 2001, the company acquired operations in theLibyan Desert of Egypt fromRepsol for $410 million.[18]
In 2002, the company drilled its first deepwater wells in the West Mediterranean Concession of offshore Egypt.[19]
In 2003, the company acquired theForties oilfield, the largest field ever discovered in the United KingdomNorth Sea as well as assets in theGulf of Mexico fromBP for $1.3 billion.[20]
In May 2005, the company andExxonMobil completed a series of agreements that provided for transfers and joint ventures across a broad range of properties in Western Canada.[21]
In October 2005, the company sold its 55% stake in the deepwater section of Egypt's concession for $413 million toHess Corporation.[22]
In April 2006, the company acquired Gulf of Mexico Shelf properties fromBP.[23]
In June 2006, the company sold its oil production interest in China to Australia-basedRoc Oil Company for US$260 million.[24]
In 2007, A test horizontal well at the Van Gogh project, inExmouth Gulf,Western Australia, produced 9,694 barrels per day.[25]
In February 2010, the company started production from the Van Gogh development offshore Western Australia.[26]
In March 2010, a Federal judge upheld the company's decision to exclude from its annual meeting ballot a corporate governance proposal from a person who had not proven on a timely basis that he actually was one of the company's shareholders.[27]
In June 2010, the company acquired assets in the Gulf of Mexico fromDevon Energy for $1.05 billion.[28]
In July 2010, the company acquired assets fromBP in Texas, southeast New Mexico, western Canada, and Egypt for $7 billion.[29]
In November 2010, the company acquired Mariner Energy for $2.7 billion.[30]
In 2011, the company discovered eight oil wells inEgypt's Faghur Basin.[31]
In January 2012, the company acquired assets in the Beryl field in the North Sea fromExxonMobil.[32]
In May 2012, the company acquired Cordillera Energy Partners for $2.5 billion in cash and 6.3 million shares of common stock. The acquisition added approximately 71 millionbarrels of oil equivalent (430,000,000 GJ) to Apache's reserves and strengthened its position across western Oklahoma and the Texas Panhandle.[33]
In November 2013, the company sold a non-controlling 1/3 share of its Egyptian assets toSinopec[34]
In 2015, the company sold its assets inWestern Australia for $2.1 billion.[35]
In 2016, the company sold its interest in the Scottish Area Gas Evacuation pipeline.[36]
In 2017, the company sold its assets in Canada toParamount Resources for C$459.5 million.[37]
In 2020, the company declared its 'Alpine High' discovery to be a failure despite spending $3 billion on the play.[38] Steven Keenan, VP of global exploration and Lead Geologist on the play resigned.[39]
In January 2021, the company redid its agreement with theEgyptian General Petroleum Corporation.[40]
In March 2021, the company reorganized its legal structure, with APA Corporation becoming the holding company for all of its subsidiaries.[2]
In January 2024, APA Corporation and Callon Petroleum Company have recently inked a definitive agreement, paving the way for APA to acquire Callon in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon's net debt.[41]
In 2021, the company's total production was 388 thousandbarrels of oil equivalent (2,370,000 GJ) per day, of which 59% was in the United States, 29% was inEgypt, and 12% was in theNorth Sea.[42]
As of December 31, 2021, the company had 912 millionbarrels of oil equivalent (5.58×109 GJ) of estimated proved reserves, of which 68% was in the United States, 20% was inEgypt, and 12% was in theNorth Sea.[42]
Almost all of the company's reserves in the United States are in thePermian Basin. The company also has reserves in westernOklahoma, theTexas Panhandle, and south Texas.[42]
The company has been operating in remote areas of theLibyan Desert in Egypt since 1994 and has not experienced disruptions from political turmoil.[42]
The company has been operating in theNorth Sea since 2003, predominantly in theForties oilfield.[42]
On June 1, 2013, a pipeline in northernAlberta, Canada was noticed to have ruptured, spilling 60,000 barrels (9.5 million litres) of toxic waste in what was cited as one of the largest of such disasters in recent history in North America.[43][44]
In June 2008, the natural gas pipeline explosion at the company's processing hub onVaranus Island led to the2008 Western Australian gas crisis. The Australian government was forced to drop charges as a result of a technicality.[45][46]
In 2007, CEO G. Steven Farris wrote to theU.S. Securities and Exchange Commission in favor of limits on nonbinding shareholder proposals at public company annual meetings.[47]
