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EXHIBIT 99.4
CONTACTS:
(MEDIA): BILL MINTZ (713/296-7276)
TONY LENTINI (713/296-6227)
(INVESTOR): ROBERT DYE (713/296-6662)
(WEB SITE): www.apachecorp.com
FOR RELEASE AT 7:30 A.M. CENTRAL TIME
APACHE REPORTS FIRST QUARTER LOSS OF 4 CENTS PER SHARE
Houston (April 29, 1999) - Apache Corporation (NYSE: APA) today reported
a first quarter loss of $3.6 million, or 4 cents per share as a result of low
oil and gas prices. Apache reported net income of $17.4 million, or 18 cents
per share, in the prior-year period.
"The rebound in oil prices arrived too late to bolster first quarter
results," said G. Steven Farris, president and chief operating officer. "Oil
prices have improved considerably since March."
Apache realized $11.43 per barrel of oil during the first quarter, down
from $14.07 per barrel in the prior-year period. The company realized $1.69 per
thousand cubic feet (Mcf) of gas, compared with $1.98 per Mcf in the
year-earlier period.
Cash from operations in the first quarter totaled $84.4 million,
compared with $122.3 million in the year-earlier period.
Oil production averaged 71,356 barrels per day, down from 78,091 barrels
per day in the prior-year period, and gas production dropped to 572 million
cubic feet (MMcf) per day, from 611 MMcf per day.
Apache Corporation is an oil and gas independent with operations in
North America, Egypt, Western Australia, Poland, People's Republic of China and
Cote d'Ivoire. Its common stock is traded on the New York and Chicago stock
exchanges.
-end-
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APACHE CORPORATION
FINANCIAL INFORMATION
(In thousands, except per share data)
For the Quarter
Ended March 31,
----------------------
1999 1998
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FINANCIAL DATA:
Revenues ................................................ $ 187,715 $ 245,941
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Income (Loss) Attributable to Common Stock .............. $ (3,588) $ 17,356
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Basic Net Income (Loss) Per Common Share ................ $ (.04) $ .18
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Diluted Net Income (Loss) Per Common Share .............. $ (.04) $ .18
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Weighted Average Common Shares .......................... 97,788 97,581
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PRODUCTION AND PRICING DATA:
NATURAL GAS VOLUME - Mcf per day
United States ........................................ 397,685 467,123
Canada ............................................... 109,099 96,520
Australia ............................................ 60,062 46,973
Egypt ................................................ 3,445 450
Ivory Coast .......................................... 1,214 --
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Total .............................................. 571,505 611,066
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AVERAGE NATURAL GAS PRICE PER MCF
United States ........................................ 1.79 2.18
Canada ............................................... 1.43 1.24
Australia ............................................ 1.48 1.60
Egypt ................................................ 1.93 1.78
Ivory Coast .......................................... 1.77 --
Total .............................................. 1.69 1.98
OIL VOLUME - Barrels per day
United States ........................................ 32,202 39,634
Canada ............................................... 2,180 2,075
Australia ............................................ 10,255 7,130
Egypt ................................................ 26,707 29,252
Ivory Coast .......................................... 12 --
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Total .............................................. 71,356 78,091
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AVERAGE OIL PRICE PER BARREL
United States ........................................ 11.16 14.33
Canada ............................................... 10.90 15.75
Australia ............................................ 11.75 14.06
Egypt ................................................ 11.66 13.60
Ivory Coast .......................................... 14.00 --
Total .............................................. 11.43 14.07
NGL VOLUME - Barrels per day
United States ........................................ 2,390 1,910
Canada ............................................... 632 604
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Total .............................................. 3,022 2,514
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NGL PRICE PER BARREL
United States ........................................ 7.42 9.14
Canada ............................................... 5.36 7.26
Total .............................................. 6.99 8.68