EXHIBIT 99.1

CONTACTS:

(MEDIA):     TONY LENTINI          (713) 296-6227
             BILL MINTZ            (713) 296-7276

(INVESTOR):  ROBERT DYE            (713) 296-6662

(WEB SITE):  www.apachecorp.com


                      APACHE EXPANDS POSITION IN ARGENTINA,
                         ACQUIRING PIONEER'S OPERATIONS

         HOUSTON, Jan. 17, 2006 -- Apache Corporation (NYSE, Nasdaq: APA) today
announced an agreement that will expand its Argentina presence through the
negotiated acquisition of Pioneer Natural Resources' oil and gas operations in
that country.

         The total purchase price for the assets is $675 million, a significant
portion of which is made up of non-operated properties that are subject to
preferential rights to purchase by existing owners. Due to the confidential
nature of that information, Apache will provide additional background on the
transaction after the preferential rights are cleared or exercised and the
transaction is closed.

         "This acquisition is Apache's first real step in expanding our
operations in Argentina, giving us a platform from which to pursue further
growth," said G. Steven Farris, Apache's president and chief executive officer.
"The majority of the operated properties are in the Neuquen Basin, where Apache
presently is active on a small scale. We have found the rocks in the Neuquen
Basin are friendly, and we believe that we can employ the know-how that we have
successfully developed in growing our existing core areas to Argentina.

         "We want to thank Pioneer Natural Resources for the opportunity to work
on this transaction with them," Farris said.

         Apache is a large oil and gas independent with core operations in the
United States, Canada, the United Kingdom North Sea, Egypt, Australia and
Argentina.

                                     -end-

         This news release contains certain "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995 including,
without limitation, expectations, beliefs, plans and objectives regarding the
closing of the described transaction, and the available reserves and future
production from the properties to be acquired. Any matters that are not
historical facts are forward-looking and, accordingly, involve estimates,
assumptions and uncertainties. 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.