Apache Corporation

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Apache Corporation
Type Public
Traded as NYSEAPA
S&P 500 Component
Industry Oil and Gas
Founded 1954
Founder(s) Truman Anderson
Charles Arnao
Raymond Plank
Headquarters Houston, Texas, U.S.
Area served Worldwide
Key people G. Steven Farris (CEO)
(Chairman of the Board)
Products Petrochemical products
Revenue Increase $ 16.81 billion (2011)
Operating income Increase $ 8.093 billion(2011)
Net income Increase $ 4.584 billion (2011)
Total assets Increase $ 52.051 billion (2011)
Total equity Increase $ 28.993 billion (2011)
Employees 5,299 (2012)
Subsidiaries Apache Deepwater LLC
Apache Canada Ltd
Apache Energy Limited
Apache North America, Inc
Apache Overseas, Inc
DEK Energy Company
Website ApacheCorp.com
Post Oak Central has the headquarters of Apache Corp.

Apache Corporation is an American independent oil and gas corporation. It is headquartered in 1 Post Oak Central in the Uptown district of Houston, Texas.

Apache has become a large multinational company, with regional offices and operations in the United States, Argentina, Australia, Canada, Egypt and UK North Sea.1

The company's proved reserves at year-end 2010 totaled 2.95 billion barrels of oil equivalent, roughly half oil and half natural gas.2

History

1950s to 1980s

In 1954 Apache Oil Corporation is founded in Minneapolis, Minnesota, by Truman Anderson, Raymond Plank and Charles Arnao. In 1955 The first wells were drilled in the Cushing field, between Tulsa and Oklahoma City. In 1960 Apache acquired interests in the Foshay Tower (a Minneapolis landmark). The 32-story imitation of the Washington Monument, became the location of Apache’s headquarters from early ‘60s until 1984. In the 1967 the oil well Fagerness #1 was discovered. In 1969 Apache Corporation shares were listed on the New York Stock Exchange (NYSEAPA). In 1970 Apache expanded into agriculture with the acquisition of Fresno, California’s S&J Ranch. In 1971 it formed Apache Exploration Company (subsequently “Apexco”) as its oil and gas operating child company. In 1977 Following the sale of Apexco, Apache operates GHK's drilling program in the Anadarko basin.

1980s

In 1980 the company acquired non-operating interest (through participation in the Shell Joint Venture) in the Gulf Of Mexico, opening the door to production on the Outer Continental Shelf. In 1981 they created Apache Petroleum Company (APC), US's its first master limited partnership (MLP). In 1986 the company acquired oil and gas assets from Occidental Petroleum (Oxy), marking Apache’s entry to the Gulf of Mexico as an operator. In 1987 they moved their headquarters from Minneapolis to Denver.

1990s

In 1991 they acquired the MW Petroleum assets from Amoco, buying Apache a position in the Permian Basin of West Texas. In 1992 Headquarters moved to Houston, Texas. In 1993 Apache acquired Hadson Energy Resources, expanding its assests to offshore Western Australia. In 1994 the company entered Egypt by acquiring a 25 percent non-operated interest in the Qarun Concession alongside the Phoenix Resource Companies. In 1995 they acquired Dekalb Energy Canada Ltd, marking Apache's return to Canada; Apache acquired 315 oil and gas fields in the Permian Basin, the Texas-Louisiana Gulf Coast, western Oklahoma, East Texas, the Rocky Mountains and the Gulf of Mexico from Texaco. In 1996 Apache they merged with Phoenix Resources and took over operations of the Qarun Concession in Egypt. In 1999 with the Acquisition of Shell they acquire assets in the Gulf of Mexico.

2000 to 2010

In 2001 with $410 million acquisition of Repsol they expand their oil and gas operations in Egypt’s Western Desert. In 2002 Apache Corporation drilled its first deepwater wells in the West Mediterranean Concession of offshore Egypt. In February, 2003, Apache appointed Floyd R. Price and Rodney J. Eichler as corporate Executive Vice Presidents and of Jon A. Jeppesen as corporate Senior Vice President. In 2003 they acquired the Forties Field, the largest field ever discovered in the United Kingdom North Sea from BP. In 2005 Apache and ExxonMobil completed a series of agreements that provided for transfers and joint ventures across a broad range of properties in the Permian Basin of West Texas and New Mexico, Western Canada, onshore Louisiana, and the Gulf of Mexico Shelf. Later in the year, it partially sold its stake in the deepwater section of Egypt's concession.3 In October, 2005, Apache announced the release of Apache Geronimo 1.0-M5, the first fully certified release of the Apache Geronimo project's J2EE 1.4 application server, which is a milestone. In 2006 they completed the sale of their oil production interest in China to Australia-based ROC Oil Company Limited for US$260 million. It also bought a large majority of BP's Gulf of Mexico Shelf properties. In 2007 A test horizontal well at the Van Gogh project, in Exmouth Gulf, Western Australia, produced 9,694 barrels per day. Again in 2007, Apache CEO G. Steven Farris writes to the U.S. Securities and Exchange Commission in favor of limits on nonbinding shareholder proposals at public company annual meetings.4 In 2008 the natural gas pipeline explosion at Apache's Varanus Island processing hub on 3 June 2008 curtailed supplies to industrial customers in Western Australia. Apache restored 60 percent of Varanus Island gas deliveries on August 8, 2008.5 Various litigation has been instigated as a result of the Varanus Island gas pipeline explosion, including a claim lodged in Texas by Pankaj Oswal of Burrup Holdings. This case is ongoing.

2010 onwards

In 2010 they started production from Van Gogh development offshore Western Australia. In 2010 the Federal judge upholds Apache's decision to exclude from its annual meeting ballot a corporate governance proposal from a person who had not proven on a timely basis that he actually was one of the company's shareholders.6 In 2010 Apache announces planned merger with Mariner Energy for $2.7 billion.7 In 2010 Apache announced that it was purchasing major assets from BP in Texas, southeast New Mexico, western Canada, and Egypt for a total sum of $7 billion, to pay for BP's response to the Deepwater Horizon Oil Spill.8 In 2011 they announced the discovery of eight new oil wells in Egypt's Faghur Basin.9 In 2012 Apache completed the acquisition of Cordillera Energy Partners in a deal worth $2.5 billion in cash and 6.3 million shares of common stock. The acquisition added approximately 71.5 million boe to Apache's reserves and strengthened their position across western Oklahoma and the Texas Panhandle.10

On August 29, 2013 Apache announced sale of a 1/3 share of its Egyptian assets to Sinopec for $3.1 billion effective January 1, 2014; Apache would continue to be the operator.1112

2013 toxic waste spill

On June 1, 2013 an Apache pipeline in northern Alberta (Canada) was noticed to have ruptured, spilling 60,000 barrels (9.5 million litres) of toxic waste.1314 The toxic waste spill is one of the largest in North America, resulting in the destruction of the surrounding landscape15

Corporate headquarters

Apache is headquartered in Suite 100 at 1 Post Oak Central in the Uptown district of Houston, Texas.1617 In 2010 the president of Apache, Roger Plank, said that because the company has its headquarters in Houston, it wants to "support organizations that make Houston a better place to live."18

References

  1. ^ Apache Corp. "Regions". 
  2. ^ Apache Corp. "Annual Report". 
  3. ^ "Apache Corp., Amerada Hess to swap field assets". October 13, 2005. Retrieved Jun 20, 2013. 
  4. ^ "Farris SEC letter October 2, 2007". 
  5. ^ "Apache Corporation Form 10-Q Quarterly Report, November 10, 2008". 
  6. ^ "Susman Godfrey L.L.P. Wins First-of-Its-Kind Judgment for Apache Against Shareholder Activist" (Press release). Susman Godfrey L.L.P. 12 March 2010. Archived from the original on 25 April 2010. 
  7. ^ Energy giant Apache acquires Mariner Energy for $2.7 billion
  8. ^ BP to sell assets for $7 billion to Apache
  9. ^ "Apache Unveils Five Oil Discoveries In Egypt". Wall Street Journal. Dow Jones Newswires. 16 June 2011. Archived from the original on 17 June 2011. Retrieved 21 June 2011. "The latest finds bring the company's discoveries in the Faghur Basin region to eight this year." 
  10. ^ "Apache Completes Cordillera Energy Partners III, LLC Acquisition". MarketWatch. 1 May 2012. 
  11. ^ Micheal J. de la Merced (August 29, 2013). "Apache to Sell Stake in Egyptian Holdings to Sinopec for $3.1 Billion". The New York Times. Retrieved August 30, 2013. 
  12. ^ Avik Das (30 August 2013). "Apache sells Egyptian oil stake to Sinopec for $3.1 billion, forms global JV". Reuters. 
  13. ^ "Massive Alberta waste water spill will kill plants, says ecologist". CBC News. 13 June 2013. Retrieved 14 June 2013. 
  14. ^ "Toxic waste spill in northern Alberta biggest of recent disasters in North America". The Globe and Mail (Toronto). 12 June 2013. 
  15. ^ Vanderklippe, Nathan (12 June 2013). "Toxic waste spill in northern Alberta biggest of recent disasters in North America". The Globe and Mail (Toronto). Retrieved 14 June 2013. 
  16. ^ "Contact Us." Apache Corporation. Retrieved on April 24, 2009.
  17. ^ "Uptown District Map." Uptown Houston District. Retrieved on January 30, 2009.
  18. ^ McNulty, Sheila. "Houston: where energy is king." Financial Times. March 25, 2010. Retrieved on March 31, 2010.

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