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                                                                    EXHIBIT 11.1





                      APACHE CORPORATION AND SUBSIDIARIES
                       COMPUTATION OF EARNINGS PER SHARE
                     (In thousands, except per share data)




                                      
                               
                             
                                                     For the Year Ended
                                                     December 31, 1993
                                                     -----------------
                                                                      Fully
                                                  Primary            Diluted
                                                  -------            -------
                                                               
Net income                                        $37,334            $37,334
                                                               
Assumed reduction of interest                                  
  expense upon conversion of                                   
  $75 million 3.93% convertible                                
  notes, net of tax                                     -              2,145
                                                  -------            ------- 
Net income, as adjusted                           $37,334            $39,479
                                                  =======            ======= 
Weighted average common shares                                       
  outstanding                                      53,534             53,534     
                                                               
Stock options; common stock                                   
  equivalents outstanding using                                
  the treasury stock method                             -                242
                                                               
Common shares issuable upon                                    
  assumed conversion of 3.93% notes                     -              2,778
                                                  -------            ------- 
Common shares used for calculation                             
  of earnings per share                            53,534             56,554
                                                  =======            =======
                                                               
Earnings per share                                $   .70            $   .70
                                                  =======            =======