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EXHIBIT 11.1
APACHE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
1995 1994 1993
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Weighted Average Calculation:
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Net income $ 20,207 $ 45,583 $ 46,755
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Weighted average shares outstanding 71,792 69,715 62,013
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Net income per share,
based on weighted average
shares outstanding $ .28 $ .65 $ .75
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Primary Calculation:
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Net income $ 20,207 $ 45,583 $ 46,755
Assumed conversion of
3.93-percent debentures 2,162 2,121 2,145
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Net income, as adjusted $ 22,369 $ 47,704 $ 48,900
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Common stock equivalents:
Weighted average shares outstanding 71,792 69,715 62,013
Stock options, using the treasury
stock method 106 115 242
Common stock equivalents
assuming conversion of 3.93-percent
debentures 2,778 2,778 2,778
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74,676 72,608 65,033
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Net income per common share primary $ .28 $ .65 $ .75
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The assumed conversion of other convertible debt would be insignificant or
antidilutive for all the periods presented above.