Exhibit 99.1

CONTACTS:
Media:		Bill Mintz		(713) 296-7276
		Robert Dye		(713) 296-6662
		Patrick Cassidy		(713) 296 6100
Investors:		Alfonso Leon		(713) 296-6692
		Rob Rayphole		(713) 296-6160
(Web site):		www.apachecorp.com

FOR RELEASE AT 7:00 A.M. CENTRAL TIME

APACHE REPORTS RECORD EARNINGS AND PRODUCTION FOR 2010

Annual production increased 13 percent, averaging 658,000 BOE per day

Earnings of $3.0 billion or $8.46 per diluted share

Cash flow nearly $7.4 billion

Houston, Feb. 17, 2011— Apache Corporation (NYSE, Nasdaq: APA) today reported that production set a new annual record, averaging nearly 658,000 barrels of oil equivalent per day for the 12-month period ending Dec. 31, 2010, up 13 percent from the prior year. Liquids production increased 18 percent, and this, combined with higher oil prices, drove Apache to record earnings of $3.0 billion for 2010.

     “The results for 2010 were outstanding, and the possibilities for future profitable growth are numerous and encouraging. Apache’s accomplishments this past year and past quarter reflect the company’s operating and financial discipline, with our relentless focus on rate of return, cash generation, and operating and cost oversight. This enables us to optimize existing assets and execute on major transactions, whether they be deliberate or opportunistic. During the year we expanded our global portfolio with acquisitions in the Permian Basin, Canada, the Gulf of Mexico, and Egypt,” said G. Steven Farris, Apache’s chairman and chief executive officer.

     Highlights during 2010 include:

•

25 percent reserve growth, replacing 344 percent of production; 102 percent through drilling

	•		Record annual production for North America and international
	•		Most active acquisition year in Apache’s history with over $11 billion in transactions
	•		Van Gogh and Pyrenees, two oil fields offshore Western Australia, commenced production in February 2010, reaching payout by October and December, respectively
	•		Purchased 51 percent equity interest in the proposed Kitimat LNG Terminal
	•		Established new regions in the deepwater Gulf of Mexico, Gulf Onshore and Permian Basin, and expanded in Egypt, Canada, and the Gulf of Mexico Shelf.

     “In 2011 we will realize a full 12 months of ownership from these newly acquired assets, as well as development and production from our legacy asset base. We also have a number of longer-term growth projects in the pipeline, including LNG developments at Kitimat (Canada) and Wheatstone (Australia) and new exploration ventures in more frontier hydrocarbon basins,” he said.

     “Apache’s diverse asset mix, which balances oil and gas properties in North American and international basins, helped to deliver record results despite low natural gas prices. This is a testament to the effectiveness of Apache’s balanced portfolio model,” Farris said.

     In early 2011 political changes swept through Egypt, with many issues remaining unresolved. Apache’s Egyptian operations are located in remote areas of the country, and these events did not disrupt the company’s oil and gas production. Apache believes that Egypt will continue to foster an environment that values foreign investment and the development of its ample resource base, and wishes the best for the people of Egypt during this time of transition.

Full-year and fourth-quarter 2010 financial results

For the year ended Dec. 31, 2010, Apache reported net income of $3.0 billion, or $8.46 per diluted common share, compared to a net loss of $292 million, or 87 cents per share in 2009. The prior year

included a $1.98 billion, non-cash, after-tax write-down that was a result of lower commodity prices during the first quarter 2009.

     Excluding certain items that management believes affect the comparability of operating results, Apache reported adjusted earnings* of $3.2 billion in 2010, a 68 percent increase compared with 2009 adjusted earnings of $1.9 billion. On a per share basis, adjusted net earnings were $8.94 for 2010, compared with $5.59 per share in the prior year. Cash flow from operations before changes in operating assets and liabilities* for 2010 was nearly $7.4 billion, the second-best in Apache’s history, and up from $5 billion in 2009.

     Apache’s 2010 fourth-quarter earnings increased to $670 million, or $1.77 per share, up from $582 million, or $1.72 per share, for the same period in the prior year. Fourth-quarter 2010 adjusted earnings increased 25 percent to $830 million. On a per share basis, 2010 adjusted net earnings were $2.19, up from $1.96 reported for fourth-quarter 2009.

Full-year and fourth-quarter 2010 operating highlights

Apache ended 2010 with proved reserves of 2.95 billion barrels of oil equivalent. Apache’s 2010 production was 240 million barrels of oil equivalent (MMboe). The company added 827 MMboe or 344 percent of production,through discoveries, extensions and acquisitions. Approximately 245 MMboe, or 102 percent of 2010 production, in reserve additions came through drilling. Apache spent $15.8 billion on exploration, development and acquisitions capital, excluding asset retirement obligations and capitalized interest.*

     In 2010, Apache’s international production increased 14 percent. In Australia, production climbed 96 percent with significant contributions from the start-up of the Pyrenees and Van Gogh fields. Net production in Egypt increased 6 percent, with the completion of expansion projects at our Kalabasha oil facilities.

     Apache’s North American production increased 11 percent in 2010, lifted in part by contributions from newly acquired fields in Canada, the Permian Basin, and Gulf of Mexico.

     Globally, fourth-quarter 2010 production increased 24 percent from the prior-year period to average 729,000 boe per day.

     Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. From time to time, Apache posts announcements, operational updates and investor information, and copies of all press releases on its Web site, www.apachecorp.com.

     *Adjusted earnings, cash from operations before changes in operating assets and liabilities, and exploration, development and acquisitions capital, excluding asset retirement obligations and capitalized interest, are non-GAAP measures. Please see reconciliations below. For supplemental and non-GAAP information, please go to http://www.apachecorp.com/financialinfo.

-end-

     NOTE: Apache will conduct a conference call to discuss its fourth-quarter and full-year 2010 results at 1 p.m. Central time on Thursday, Feb. 17. The call will be webcast from Apache’s Web site, www.apachecorp.com. The webcast replay and podcast will be archived on Apache’s Web site. The conference call will be available for delayed playback by telephone for one week beginning at approximately 3 p.m. on Feb. 17. To access the telephone playback, dial (800) 642-1687 and provide Apache’s confirmation code, 21261191.

     This news release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, on our Web site and in our other public filings and press releases. There is no assurance that Apache’s expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. We assume no duty to update these statements as of any future date.

APACHE CORPORATION
FINANCIAL INFORMATION
(In millions, except per share data)

		For the Quarter								For the Year
		Ended December 31,								Ended December 31,
		2010				2009				2010				2009
REVENUES AND OTHER:
Oil and gas production revenues		$	3,474			$	2,570			$	12,183			$	8,574
Other			(40	)			(15	)			(91	)			41
			3,434				2,555				12,092				8,615
COSTS AND EXPENSES:
Depreciation, depletion and amortization
Recurring			928				615				3,083				2,395
Additional			—				—				—				2,818
Asset retirement obligation accretion			37				26				111				105
Lease operating expenses			639				414				2,032				1,662
Gathering and transportation			52				40				178				143
Taxes other than income			168				193				690				580
General and administrative			120				85				380				344
Merger, acquisitions and transition			167				—				183				—
Financing costs, net			55				60				229				242
			2,166				1,433				6,886				8,289
INCOME BEFORE INCOME TAXES			1,268				1,122				5,206				326
Current income tax provision			333				359				1,222				842
Deferred income tax provision (benefit)			246				178				952				(231	)
NET INCOME (LOSS)			689				585				3,032				(285	)
Preferred stock dividends			19				3				32				7
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK		$	670			$	582			$	3,000			$	(292	)
NET INCOME (LOSS) PER COMMON SHARE:
Basic		$	1.79			$	1.73			$	8.53			$	(0.87	)
Diluted		$	1.77			$	1.72			$	8.46			$	(0.87	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING			375				336				352				336
DILUTED SHARES OUTSTANDING			388				339				359				336

APACHE CORPORATION
FINANCIAL INFORMATION
(In millions)

		For the Quarter								For the Year
		Ended December 31,								Ended December 31,
		2010				2009				2010				2009
CAPITAL EXPENDITURES (1):
Exploration & Development Costs
United States		$	584			$	181			$	1,623			$	929
Canada			267				99				860				412
North America			851				280				2,483				1,341
Egypt			247				141				757				676
Australia			223				181				624				602
North Sea			180				82				617				375
Argentina			73				31				240				140
Chile			—				7				20				11
International			723				442				2,258				1,804
Worldwide Exploration & Development Costs		$	1,574			$	722			$	4,741			$	3,145
Gathering, Transmission and Processing Facilities
Canada		$	52			$	14			$	159			$	83
Egypt			71				41				182				151
Australia			60				46				162				69
Argentina			1				—				3				2
Total Gathering, Transmission and Processing		$	184			$	101			$	506			$	305
Capitalized Interest		$	56			$	16			$	120			$	61
Capital Expenditures, excluding acquisitions		$	1,814			$	839			$	5,367			$	3,511
Acquisitions		$	8,007			$	52			$	11,557			$	310

		December 31,				December 31,
		2010				2009
BALANCE SHEET DATA:
Cash and Cash Equivalents		$	134			$	2,048
Other Current Assets			3,346				2,538
Property and Equipment, net			38,151				22,901
Goodwill			1,032				189
Other Assets			762				510
Total Assets		$	43,425			$	28,186
Short-Term Debt		$	46			$	117
Other Current Liabilities			3,478				2,276
Long-Term Debt			8,095				4,950
Deferred Credits and Other Noncurrent Liabilities			7,429				5,064
Shareholders’ Equity			24,377				15,779
Total Liabilities and Shareholders’ Equity		$	43,425			$	28,186
Common shares outstanding at end of period			382				336

APACHE CORPORATION
FINANCIAL INFORMATION

		For the Quarter								For the Year
		Ended December 31,								Ended December 31,
		2010				2009				2010				2009
PRODUCTION DATA:
OIL VOLUME — Barrels per day
Gulf Coast			58,285				54,665				53,591				51,757
Central			5,077				2,507				3,544				2,295
Permian			46,586				35,818				39,441				35,081
United States			109,948				92,990				96,576				89,133
Canada			15,557				13,998				14,581				15,186
North America			125,505				106,988				111,157				104,319
Egypt			107,238				95,970				99,122				92,139
Australia			38,738				9,918				45,908				9,779
North Sea			52,453				56,443				56,791				60,984
Argentina			10,382				10,632				9,956				11,505
International			208,811				172,963				211,777				174,407
Total			334,316				279,951				322,934				278,726
NATURAL GAS VOLUME — Mcf per day
Gulf Coast			452,118				386,679				404,730				366,565
Central			223,883				199,470				209,346				202,859
Permian			162,266				102,422				116,771				96,660
United States			838,267				688,571				730,847				666,084
Canada			593,523				334,526				396,005				359,235
North America			1,431,790				1,023,097				1,126,852				1,025,319
Egypt			368,350				382,780				374,858				362,618
Australia			191,585				204,860				199,729				183,617
North Sea			2,118				2,502				2,391				2,703
Argentina			198,513				170,474				184,830				184,557
International			760,566				760,616				761,808				733,495
Total			2,192,356				1,783,713				1,888,660				1,758,814
NGL VOLUME — Barrels per day
Gulf Coast			5,934				5,030				5,559				4,332
Central			1,045				437				659				346
Permian			12,740				1,629				7,559				1,458
United States			19,719				7,096				13,777				6,136
Canada			5,637				2,029				2,884				2,089
North America			25,356				9,125				16,661				8,225
Egypt			326				—				82				—
Argentina			3,265				3,439				3,180				3,241
International			3,591				3,439				3,262				3,241
Total			28,947				12,564				19,923				11,466
BOE per day
Gulf Coast			139,572				124,141				126,605				117,183
Central			43,436				36,189				39,094				36,451
Permian			86,370				54,517				66,462				52,650
United States			269,378				214,847				232,161				206,284
Canada			120,115				71,782				83,466				77,147
North America			389,493				286,629				315,627				283,431
Egypt			168,956				159,766				161,680				152,575
Australia			70,669				44,061				79,196				40,382
North Sea			52,806				56,860				57,190				61,435
Argentina			46,733				42,483				43,941				45,505
International			339,164				303,170				342,007				299,897
Total			728,657				589,799				657,634				583,328

APACHE CORPORATION
FINANCIAL INFORMATION

		For the Quarter								For the Year
		Ended December 31,								Ended December 31,
		2010				2009				2010				2009
PRICING DATA:
AVERAGE OIL PRICE PER BARREL
Gulf Coast		$	85.53			$	74.39			$	79.00			$	60.22
Central			80.76				72.99				76.27				57.75
Permian			81.26				67.97				76.00				53.92
United States (1)			81.29				70.75				76.13				59.06
Canada			75.73				70.10				72.83				56.16
North America (1)			80.60				70.66				75.69				58.64
Egypt			88.27				74.46				79.45				61.34
Australia			87.14				80.97				77.32				64.42
North Sea			78.43				74.82				76.66				60.91
Argentina			59.23				56.41				57.47				49.42
International			84.14				73.84				77.21				60.58
Total (1)			82.81				72.63				76.69				59.85
AVERAGE NATURAL GAS PRICE PER MCF
Gulf Coast		$	4.18			$	4.46			$	4.72			$	4.14
Central			3.91				4.30				4.53				3.58
Permian			4.68				6.01				5.21				4.65
United States (1)			4.95				4.92				5.28				4.34
Canada (1)			4.08				4.60				4.48				4.17
North America (1)			4.59				4.81				5.00				4.28
Egypt			3.84				3.50				3.62				3.70
Australia			2.33				2.34				2.24				1.99
North Sea			23.12				18.07				18.64				13.15
Argentina			2.04				2.09				1.96				1.96
International			3.04				2.92				2.90				2.87
Total (1)			4.06				4.00				4.15				3.69
AVERAGE NGL PRICE PER BARREL
Gulf Coast		$	45.44			$	44.61			$	43.40			$	33.92
Central			50.32				36.79				47.67				29.00
Permian			43.78				40.16				39.49				31.32
United States			44.63				43.11				41.45				33.02
Canada			36.64				33.28				36.61				25.54
North America			42.85				40.92				40.62				31.12
Egypt			69.75				—				69.75				—
Argentina			21.61				25.95				27.08				18.76
International			25.98				25.95				28.15				18.76
Total			40.76				36.82				38.58				27.63

APACHE CORPORATION
FINANCIAL INFORMATION
(In millions, except per share data)

NON-GAAP FINANCIAL MEASURES:

Reconciliation of income attributable to common stock to adjusted earnings:

The press release discusses Apache’s adjusted earnings. Adjusted earnings exclude certain items that management believes affect the comparability of operating results and are meaningful for the following reasons:

	•		Management uses adjusted earnings to evaluate the company’s operational trends and performance relative to other oil and gas producing companies.
	•		Management believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings for items that may obscure underlying fundamentals and trends.
	•		The reconciling items below are the types of items management believes are frequently excluded by analysts when evaluating the operating trends and comparability of the company’s results.

		For the Quarter								For the Year
		Ended December 31,								Ended December 31,
		2010				2009				2010				2009
Income (Loss) Attributable to Common Stock (GAAP)		$	670			$	582			$	3,000			$	(292	)
Adjustments:
Foreign currency fluctuation impact on deferred tax expense			51				82				52				198
Merger, acquisitions and transition costs, net of tax			109				—				120				—
Additional depletion, net of tax			—				—				—				1,981
Adjusted Earnings (Non-GAAP)		$	830			$	664			$	3,172			$	1,887
Adjusted Earnings Per Share (Non-GAAP)
Basic		$	2.22			$	1.97			$	9.02			$	5.62
Diluted		$	2.19			$	1.96			$	8.94			$	5.59
Average Number of Common Shares
Basic			375				336				352				336
Diluted			388				339				359				338

Reconciliation of net cash provided by operating activities to cash from operations before changes in operating assets and liabilities:

The press release discusses Apache’s cash from operations before changes in operating assets and liabilities. It is presented because management believes the information is useful for investors because it is used internally and widely accepted by those following the oil and gas industry as a financial indicator of a company’s ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt. It is also used by research analysts to value and compare oil and gas exploration and production companies, and is frequently included in published research when providing investment recommendations. Cash from operations before changes in operating assets and liabilities, therefore, is an additional measure of liquidity, but is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities.

The following table reconciles net cash provided by operating activities to cash from operations before changes in operating assets and liabilities.

		For the Quarter								For the Year
		Ended December 31,								Ended December 31,
		2010				2009				2010				2009
Net cash provided by operating activities		$	1,926			$	1,544			$	6,726			$	4,224
Changes in operating assets and liabilities			55				(98	)			642				761
Cash from operations before changes in operating assets and liabilities		$	1,981			$	1,446			$	7,368			$	4,985

APACHE CORPORATION
OIL & GAS RESERVE INFORMATION
For the Year Ended December 31, 2010

OIL (Mbbl)

		U.S.				Canada				Egypt				Australia				North Sea				Argentina				Total
Balance — Dec 31, 2009			487,655				135,086				115,593				78,441				171,714				23,520				1,012,009
Extensions and Discoveries			43,879				5,384				41,175				4,452				3,383				396				98,669
Purchases			133,627				25,342				11,261				—				—				—				170,230
Revisions			6,943				(13,270	)			(4,723	)			—				—				363				(10,687	)
Production			(35,250	)			(5,322	)			(36,179	)			(16,757	)			(20,729	)			(3,634	)			(117,871	)
Sales			—				(73	)			—				—				—				—				(73	)
Balance — Dec 31, 2010			636,854				147,147				127,127				66,136				154,368				20,645				1,152,277
NGL’s (Mbbl)
		U.S.				Canada				Egypt				Australia				North Sea				Argentina				Total
Balance — Dec 31, 2009			35,982				11,688				—				—				—				7,569				55,239
Extensions and Discoveries			29,049				1,432				30				—				—				30				30,541
Purchases			61,504				17,098				—				—				—				—				78,602
Revisions			654				(1,322	)			—				—				—				16				(652	)
Production			(5,028	)			(1,053	)			(30	)			—				—				(1,161	)			(7,272	)
Balance — Dec 31, 2010			122,161				27,843				—				—				—				6,454				156,458
Oil & NGL’s
		U.S.				Canada				Egypt				Australia				North Sea				Argentina				Total
Balance — Dec 31, 2009			523,637				146,774				115,593				78,441				171,714				31,089				1,067,248
Extensions and Discoveries			72,928				6,816				41,205				4,452				3,383				426				129,210
Purchases			195,131				42,440				11,261				—				—				—				248,832
Revisions			7,597				(14,592	)			(4,723	)			—				—				379				(11,339	)
Production			(40,278	)			(6,375	)			(36,209	)			(16,757	)			(20,729	)			(4,795	)			(125,143	)
Sales			—				(73	)			—				—				—				—				(73	)
Balance — Dec 31, 2010			759,015				174,990				127,127				66,136				154,368				27,099				1,308,735
GAS (MMcf)
		U.S.				Canada				Egypt				Australia				North Sea				Argentina				Total
Balance — Dec 31, 2009			2,437,921				2,305,348				1,159,141				1,361,441				4,851				527,329				7,796,031
Extensions and Discoveries			102,180				274,755				46,692				199,958				166				71,632				695,383
Purchases			951,654				1,064,618				49,044				—				—				—				2,065,316
Revisions			47,989				(8,211	)			(41,137	)			—				—				1,173				(186	)
Production			(266,759	)			(144,542	)			(136,823	)			(72,901	)			(873	)			(67,463	)			(689,361	)
Sales			—				(1	)			—				—				—				—				(1	)
Balance — Dec 31, 2010			3,272,985				3,491,967				1,076,917				1,488,498				4,144				532,671				9,867,182
TOTAL BOE (Mboe)
		U.S.				Canada				Egypt				Australia				North Sea				Argentina				Total
Balance — Dec 31, 2009			929,958				530,997				308,783				305,348				172,523				118,977				2,366,586
Extensions and Discoveries			89,958				52,609				48,987				37,778				3,411				12,365				245,108
Purchases			353,740				219,876				19,435				—				—				—				593,051
Revisions			15,595				(15,961	)			(11,579	)			—				—				575				(11,370	)
Production			(84,738	)			(30,465	)			(59,013	)			(28,907	)			(20,875	)			(16,039	)			(240,037	)
Sales			—				(73	)			—				—				—				—				(73	)
Balance — Dec 31, 2010			1,304,513				756,983				306,613				314,219				155,059				115,878				2,953,265
Proved developed reserves:
Oil + NGL’s (Mbbls)			514,537				113,993				109,657				48,072				115,705				22,458				924,422
Gas (Mboe)			380,686				363,603				124,762				113,794				691				77,033				1,060,569
Balance — Dec 31, 2010 (Mboe)			895,223				477,596				234,419				161,866				116,396				99,491				1,984,991

APACHE CORPORATION
OIL & GAS RESERVE AND COSTS
For the Year Ended December 31, 2010

Reserve Additions (Mboe)

		U.S.				Canada				Egypt				Australia				North Sea				Argentina				Chile				Total
Extensions and Discoveries			89,958				52,609				48,987				37,778				3,411				12,365				—				245,108
Revisions			15,595				(15,961	)			(11,579	)			—				—				575				—				(11,370	)
Purchases			353,740				219,876				19,435				—				—				—				—				593,051
Total Adds			459,293				256,524				56,843				37,778				3,411				12,940				—				826,789
Capital Cost Information (in millions)
		U.S.				Canada				Egypt				Australia				North Sea				Argentina				Chile				Total
Exploration & Development, excluding Capitalized Interest & Asset Retirement Cost (ARC) (1)		$	1,623				860				757				624				617				240				20			$	4,741
Acquisitions, excluding ARC — Acquired (2)
Proved			4,815				2,694				325				—				—				—				—				7,834
Unproved			2,497				542				145				32				—				—				—				3,216
		$	8,935				4,096				1,227				656				617				240				20			$	15,791
(1) Reconciliation of Exploration and Development Costs to Exploration and Development Costs, excluding Capitalized Interest and Asset Retirement Cost, a Non-GAAP Financial Measure
Presented below is a reconciliation of exploration and development costs (GAAP) to exploration and development costs, excluding capitalized interest and asset retirement cost (Non-GAAP). Management believes exploration and development costs, excluding capitalized interest and asset retirement cost is a more accurate reflection of the expenditures during the current year.
		U.S.				Canada				Egypt				Australia				North Sea				Argentina				Chile				Total
Exploration & Development Costs		$	1,985				923				767				732				617				267				20			$	5,311
Less: Capitalized Interest			(52	)			(23	)			(10	)			(15	)			—				(11	)			—				(111	)
Less: Asset Retirement Cost			(310	)			(40	)			—				(93	)			—				(16	)			—				(459	)
Exploration, Development, excluding Capitalized Interest & Asset Retirement Cost		$	1,623				860				757				624				617				240				20			$	4,741
(2) Reconciliation of Total Acquisition Costs to Acquisitions, excluding Asset Retirement Cost — Acquired, a Non-GAAP Financial Measure
Presented below is a reconciliation of total acquisition costs (GAAP) to acquisitions, excluding asset retirement cost — acquired (Non-GAAP). Management believes acquisitions, excluding asset retirement cost — acquired is a more accurate reflection of the costs of acquisitions during the current year.
		U.S.				Canada				Egypt				Australia				North Sea				Argentina				Chile				Total
Total Acquisition Costs
Proved		$	5,604				2,752				325				—				—				—				—			$	8,681
Unproved			2,497				542				145				32																3,216
Less: ARC — Acquired			(789	)			(58	)			—				—				—				—				—				(847	)
Acquisitions, excluding ARC — Acquired		$	7,312				3,236				470				32				—				—				—			$	11,050