EXHIBIT 12.1

                               APACHE CORPORATION
         STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
              AND COMBINED FIXED CHARGES, PREFERRED STOCK DIVIDENDS
                     AND PREFERRED INTERESTS OF SUBSIDIARIES
                        (IN THOUSANDS, EXCEPT RATIO DATA)



(UNAUDITED)                                                     2005         2004         2003         2002         2001
- -----------                                                  ----------   ----------   ----------   ----------   ----------
                                                                                                  
EARNINGS
   Pretax income from continuing operations before
      preferred interests of subsidiaries ................   $4,206,254   $2,663,083   $1,930,925   $  915,194   $1,206,863
   Add: Fixed charges excluding capitalized interest and
      preferred interests requirements of consolidated
      subsidiaries .......................................      138,399      134,797      132,820      128,730      134,484
                                                             ----------   ----------   ----------   ----------   ----------
   Adjusted Earnings .....................................   $4,344,653   $2,797,880   $2,063,745   $1,043,924   $1,341,347
                                                             ==========   ==========   ==========   ==========   ==========
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
   Interest expense including capitalized interest (1) ...   $  175,419   $  168,090   $  173,045   $  155,667   $  178,915
   Amortization of debt expense ..........................        3,748        2,471        2,163        1,859        2,460
   Interest component of lease rental expenditures (2) ...       16,220       14,984       14,458       11,895        9,858
   Preferred interest requirements of consolidated
      subsidiaries (3) ...................................           --           --       11,805       19,581        8,608
                                                             ----------   ----------   ----------   ----------   ----------
   Fixed charges .........................................      195,387      185,545      201,471      189,002      199,841

   Preferred stock dividend requirements (4) .............        9,105        9,058        9,968       17,540       32,495
                                                             ----------   ----------   ----------   ----------   ----------
Combined Fixed Charges and Preferred Stock Dividends .....   $  204,492   $  194,603   $  211,439   $  206,542   $  232,336
                                                             ==========   ==========   ==========   ==========   ==========
Ratio of Earnings to Fixed Charges .......................        22.24        15.08        10.24         5.52         6.71
                                                             ==========   ==========   ==========   ==========   ==========
Ratio of Earnings to Combined Fixed Charges and Preferred
   Stock Dividends .......................................        21.25        14.38         9.76         5.05         5.77
                                                             ==========   ==========   ==========   ==========   ==========


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(1)  The Company did not receive a tax benefit for $5 million of transaction
     costs written off to interest expense when the Company retired its
     preferred interests of subsidiaries in September 2003. Given the
     non-deductibility of the charge, $9 million of pre-tax income was required
     to cover the $5 million write-off. Accordingly, interest expense has been
     grossed up by $4 million.

(2)  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 percent of rental payments applies for all
     periods presented.

(3)  The Company did not receive a tax benefit for a portion of its preferred
     interests of consolidated subsidiaries. This amount represents the pre-tax
     earnings that would be required to cover preferred interests requirements
     of consolidated subsidiaries. In September 2003, the Company retired its
     preferred interests of subsidiaries.

(4)  The Company does not receive a tax benefit for its preferred stock
     dividends. This amount represents the pre-tax earnings that would be
     required to cover its preferred stock dividends.