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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                                                         $  4,083                       $  8,225
                                                                   ========                       ========

Weight average shares outstanding                                    69,673                         69,635
                                                                   ========                       ========
Net income per share,
  based on weight average common shares outstanding                $    .06                       $    .12
                                                                   ========                       ========

Primary Calculation:

Net income                                                         $  4,083                       $  8,225
Assumed conversion of
  3.93-percent debentures                                               549                            539
                                                                   --------                       --------
Net income, as adjusted                                            $  4,632                       $  8,764
                                                                   ========                       ========

Common Stock Equivalents:

Weighted average common shares outstanding                           69,673                         69,635

Stock options, using the treasury stock method                           87                            204

Assumed conversion of 3.93-percent                                       
  debentures                                                          2,778                          2,778
                                                                   --------                       --------

                                                                     72,538                         72,617
                                                                   ========                       ========


Net income per common share primary                                $    .06                       $    .12
                                                                   ========                       ========



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