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                                                                    EXHIBIT 12.1


                               APACHE CORPORATION
         STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
            AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
                                 (IN THOUSANDS)




(UNAUDITED)                                                 2000         1999         1998          1997         1996
                                                         ----------   ----------   ----------    ----------   ----------
                                                                                               
EARNINGS
   Pretax income from continuing operations(1)           $1,203,681   $  344,573   $ (187,563)   $  258,640   $  200,195
   Add: Fixed charges excluding capitalized interest        116,190       90,398       78,728        78,531       68,091
                                                         ----------   ----------   ----------    ----------   ----------

   Adjusted Earnings                                     $1,319,871   $  434,971   $ (108,835)   $  337,171   $  268,286
                                                         ==========   ==========   ==========    ==========   ==========

FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
   Interest expense including capitalized interest(2)    $  168,121   $  132,986   $  119,703    $  105,148   $   89,829
   Amortization of debt expense                               2,726        4,854        4,496         6,438        5,118
   Interest component of lease rental expenditures(3)         7,343        5,789        3,808         3,438        3,856
                                                         ----------   ----------   ----------    ----------   ----------

   Fixed charges                                            178,190      143,629      128,007       115,024       98,803
                                                         ----------   ----------   ----------    ----------   ----------

   Preferred stock dividend requirements(4)                  33,386       24,788        2,905            --           --
                                                         ----------   ----------   ----------    ----------   ----------

Combined Fixed Charges and Preferred Stock Dividends     $  211,576   $  168,417   $  130,912    $  115,024   $   98,803
                                                         ==========   ==========   ==========    ==========   ==========

Ratio of earnings to fixed charges                             7.41         3.03           --(5)       2.93         2.72
                                                         ==========   ==========   ==========    ==========   ==========


Ratio of earnings to combined fixed charges and
  preferred stock dividends                                    6.24         2.58           --(5)       2.93         2.72
                                                         ==========   ==========   ==========    ==========   ==========


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(1)   Undistributed income of less-than-50%-owned affiliates is excluded.

(2)   Apache guaranteed and is contingently liable for certain debt. Fixed
      charges, relating to the debt for which Apache was contingently liable,
      have not been included in the fixed charges for any of the periods shown
      above.

(3)   Represents the portion of rental expense assumed to be attributable to
      interest factors of related rental obligations determined at interest
      rates appropriate for the period during which the rental obligations were
      incurred. Approximately 32% to 34% applies for all periods presented.

(4)   Represents the amount of pre-tax earnings that would be required to cover
      preferred stock dividends of $20.0 million in 2000, $14.4 million in 1999
      and $2.0 million in 1998.

(5)   Earnings were inadequate to cover fixed charges and combined fixed charges
      and preferred stock dividends by $236.8 million and $239.7 million,
      respectively, due to the $243.2 million write-down of the carrying value
      of United States oil and gas properties.