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EXHIBIT 11.1
APACHE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
1994 1993 1992
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Weighted Average Calculation:
Net income (loss) ................... $ 45,583 $ 46,755 $(15,682)
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Weighted average shares outstanding . 69,715 62,013 55,344
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Net income (loss) per share,
based on weighted average
shares outstanding ................ $ .65 $ .75 $ (.28)
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Primary Calculation:
Net income (loss) ................... $ 45,583 $ 46,755 $(15,682)
Assumed conversion of
3.93-percent debentures ........... 2,121 2,145 141
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Net income (loss), as adjusted ...... $ 47,704 $ 48,900 $(15,541)
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Common stock equivalents:
Weighted average shares outstanding . 69,715 62,013 55,344
Stock options, using the treasury
stock method ..................... 115 242 65
Common stock equivalents
assuming conversion of 3.93-percent
debentures ........................ 2,778 2,778 205
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72,608 65,033 55,614
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Net income (loss) per common share
primary ............................ $ .65 $ .75 $ (.28)
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The assumed conversion of other convertible debt would be insignificant or
antidilutive for all the periods presented above.