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                                                                    EXHIBIT 11.1
 
                      APACHE CORPORATION AND SUBSIDIARIES
 
                       COMPUTATION OF EARNINGS PER SHARE
                     (IN THOUSANDS, EXCEPT PER SHARE DATA)
 


                                                 FOR THE THREE MONTHS ENDED   FOR THE THREE MONTHS ENDED
                                                       MARCH 31, 1995               MARCH 31, 1994
                                                 --------------------------   --------------------------
                                                                                 
WEIGHTED AVERAGE CALCULATION:
Net income.....................................           $  5,991                     $  9,407     
                                                          ========                     ========     
Weight average shares outstanding..............             61,445                       61,164     
                                                          ========                     ========     
Net income per share, based on weight average                                                       
  shares outstanding...........................           $    .10                     $    .15     
                                                          ========                     ========     
PRIMARY CALCULATION:                                                                                
Net income.....................................           $  5,991                     $  9,407     
Assumed conversion of 3.93-percent                                                                  
  debentures...................................                549                          539     
                                                          --------                     --------     
Net income, as adjusted........................           $  6,540                     $  9,946     
                                                          ========                     ========     
COMMON STOCK EQUIVALENTS:                                                                           
Weighted average shares outstanding............             61,445                       61,164     
Stock options                                                                                       
Common stock equivalents.......................                 87                          662     
Assumed conversion of 3.93-percent                                                                  
  debentures...................................              2,778                        2,778     
                                                          --------                     --------     
                                                          $ 64,310                     $ 64,604     
                                                          ========                     ========     
Net income per common share primary............           $    .10                     $    .15     
                                                          ========                     ========     

 
     The assumed conversion of the 6-percent convertible debentures due 2002
would be anti-dilutive for the first quarter of 1995.