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
(Web site):		www.apachecorp.com

FOR RELEASE AT 7:15 A.M. CENTRAL TIME

APACHE REPORTS RECORD QUARTERLY PRODUCTION OF 749,000 BOE/D

Quarterly earnings exceed $1.2 billion or $3.17 per diluted share; cash flow tops $2.6 billion

Houston, August 4, 2011 — Apache Corporation (NYSE, Nasdaq: APA) reported production of 749,000 barrels of oil equivalent (boe) per day and earnings of $1.2 billion, or $3.17 per diluted share, for the three-month period ending June 30, 2011. These compare with production of 647,000 boe per day and net income of $860 million, or $2.53 per diluted share, for the same period in the prior year.

     “Apache had an outstanding quarter with record production in oil, gas, and natural gas liquids,” said G. Steven Farris, chairman and chief executive officer. “This reflects the scale and balance of our portfolio, which comes from diversity across geographic regions, gas and liquids production, and a constant focus on rate of return. We’re realizing additional value from last year’s acquisitions and pursuing opportunities for future growth at both our legacy assets and in new areas.”

     The combination of higher oil prices and record production levels resulted in record quarterly revenues for second quarter 2011. Oil and gas revenues were $4.4 billion, a 47 percent increase from revenues of $3.0 billion for the same period last year. Cash from operations before changes in operating assets and liabilities* also were a quarterly record at $2.6 billion, up 44 percent from the prior year’s $1.8 billion. Excluding certain items that management believes affect the comparability of operating results, Apache reported adjusted earnings* of $1.3 billion in second quarter 2011 compared with $834

million in the year-earlier period. On a per-share basis, adjusted earnings were $3.22 in the second quarter compared with $2.46 per diluted share in the prior-year period.

     Liquid hydrocarbons represented 49 percent of production and 78 percent of revenues. Apache benefited from higher oil prices for its international production indexed to Dated Brent benchmarks, as well as sweet crudes from the Gulf of Mexico, which continue to receive a meaningful premium per barrel compared with production benchmarked to West Texas Intermediate prices.

     On the operational and commercial front, the company has achieved several recent milestones. These include:

	•		Successful bidder on nearly 515,000 acres in onshore and offshore state leases at Alaska’s Cook Inlet. The company now has approximately 800,000 acres of prospective land in the region, and a seismic survey for the area is planned over the next 12-18 months.
	•		Signing of a long-term sales and purchase agreement with Tokyo Electric Power (TEPCO) for liquefied natural gas (LNG) from the Wheatstone LNG project in Western Australia. The Wheatstone partners (Apache, Chevron and a subsidiary of Kuwait Foreign Petroleum Co.) will supply TEPCO with 3.1 million metric tons per annum when the facility comes online, which will be determined at project sanction forecasted for later this year. Apache’s expected net share of LNG sales to TEPCO is equivalent to approximately 58 million cubic feet of natural gas per day.
	•		Unitization of portions from four leases at the Lucius deepwater oil and gas discovery in the Gulf of Mexico, where Apache and its partners also signed an agreement that allows for joint venture processing of gas from a nearby third-party discovery.
	•		Agreement to a 50-50 partnership to build additional gas processing infrastructure in the Permian Basin. A new gas processing plant will remove constraints to higher production at the Deadwood field, where Apache is currently running nearly half of its 24 rigs in the region.

	•		Commencement of production from Apache’s most prolific development well in the Forties field (North Sea), which came online in excess of 12,500 barrels of oil per day. A second development well also completed in June came online at a daily rate of nearly 8,800 barrels of oil.
	•		Drilling of five new field discoveries in the Faghur basin of Egypt’s Western Desert. In aggregate the wells tested at rates exceeding 12,000 barrels of oil per day and 19 million cubic feet of natural gas.

     “Our regional business model is central to our value creation,” Farris said. “It provides us with many ways to win — we’re not dependent on any single market or play. This results in more predictable, profitable long-term growth.”

     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.

     *Cash from operations before changes in operating assets and liabilities and adjusted earnings 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 second-quarter 2011 results at 1 p.m. Central time on Thursday, August 4. 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 August 4. To access the telephone playback, dial 800-642-1687 or 706-645-9291 for international calls and provide Apache’s confirmation code, 21273208.

     This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” and similar references to future periods. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties. These risks include, but are not limited to the volatility of oil and natural gas prices, uncertainties inherent in estimating oil and natural gas reserves, drilling risks, and other risks, uncertainties and factors discussed in Apache’s 2010 Form 10-K as amended by Amendment No. 1 to our annual report on Form 10-K/A, 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. Unless legally required, Apache assumes 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 Six Months
		Ended June 30,								Ended June 30,
		2011				2010				2011				2010
REVENUES AND OTHER:
Oil and gas production revenues		$	4,355			$	2,969			$	8,233			$	5,662
Other			(17	)			3				30				(17	)
			4,338				2,972				8,263				5,645
COSTS AND EXPENSES:
Depreciation, depletion and amortization			1,029				729				1,965				1,368
Asset retirement obligation accretion			38				25				75				49
Lease operating expenses			662				446				1,285				886
Gathering and transportation			73				43				149				83
Taxes other than income			255				187				419				364
General and administrative			103				84				215				171
Merger, acquisitions & transition			6				8				11				8
Financing costs, net			41				56				86				115
			2,207				1,578				4,205				3,044
INCOME BEFORE INCOME TAXES			2,131				1,394				4,058				2,601
Current income tax provision			576				339				1,219				682
Deferred income tax provision			296				195				446				354
NET INCOME			1,259				860				2,393				1,565
Preferred stock dividends			19				—				38				—
INCOME ATTRIBUTABLE TO COMMON STOCK		$	1,240			$	860			$	2,355			$	1,565
NET INCOME PER COMMON SHARE:
Basic		$	3.23			$	2.55			$	6.14			$	4.64
Diluted		$	3.17			$	2.53			$	6.03			$	4.61
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic			384				338				383				337
Diluted			397				339				397				339
DIVIDENDS DECLARED PER COMMON SHARE		$	0.15			$	0.15			$	0.30			$	0.30

APACHE CORPORATION
FINANCIAL INFORMATION
(In millions)

		For the Quarter								For the Six Months
		Ended June 30,								Ended June 30,
		2011				2010				2011				2010
CAPITAL EXPENDITURES (1):
Exploration & Development Costs
United States		$	673			$	321			$	1,288			$	618
Canada			168				162				434				365
North America			841				483				1,722				983
Egypt			284				139				477				305
Australia			156				130				318				295
North Sea			211				136				421				230
Argentina			89				57				158				94
Chile			1				4				1				14
Other International			26				—				26				—
International			767				466				1,401				938
Worldwide Exploration & Development Costs		$	1,608			$	949			$	3,123			$	1,921
Gathering, Transmission and Processing Facilities
Canada		$	42			$	39			$	84			$	72
Egypt			25				66				54				90
Australia			68				34				119				90
Argentina			4				—				4				1
Total Gathering, Transmission and Processing		$	139			$	139			$	261			$	253
Capitalized Interest		$	63			$	18			$	123			$	35
Capital Expenditures, excluding acquisitions		$	1,810			$	1,106			$	3,507			$	2,209
Acquisitions		$	84			$	1,028			$	95			$	1,033

		June 30,				December 31,
		2011				2010
BALANCE SHEET DATA:
Cash and Cash Equivalents		$	1,107			$	134
Other Current Assets			3,793				3,346
Property and Equipment, net			39,838				38,151
Goodwill			1,032				1,032
Other Assets			759				762
Total Assets		$	46,529			$	43,425
Short-Term Debt		$	448			$	46
Other Current Liabilities			4,036				3,478
Long-Term Debt			7,404				8,095
Deferred Credits and Other Noncurrent Liabilities			7,974				7,429
Shareholders’ Equity			26,667				24,377
Total Liabilities and Shareholders’ Equity		$	46,529			$	43,425
Common shares outstanding at end of period			384				382

APACHE CORPORATION
FINANCIAL INFORMATION

		For the Quarter								For the Six Months
		Ended June 30,								Ended June 30,
		2011				2010				2011				2010
PRODUCTION DATA:
OIL VOLUME — Barrels per day
Central			6,873				2,929				5,965				2,652
Permian			49,823				35,812				49,055				35,843
GOM Deepwater			6,090				1,925				5,708				2,063
GOM Shelf			44,792				44,109				45,670				43,887
GC Onshore			9,679				4,754				9,101				4,699
United States			117,257				89,529				115,499				89,144
Canada			14,408				14,561				14,555				14,447
North America			131,665				104,090				130,054				103,591
Egypt			99,634				98,495				104,230				94,642
Australia			40,573				60,680				37,663				43,978
North Sea			57,364				58,141				52,195				57,995
Argentina			9,656				9,874				9,636				9,897
International			207,227				227,190				203,724				206,512
Total			338,892				331,280				333,778				310,103
NATURAL GAS VOLUME — Mcf per day
Central			223,415				206,386				219,535				198,478
Permian			173,609				85,950				166,348				93,247
GOM Deepwater			56,673				25,588				58,620				28,902
GOM Shelf			349,697				300,572				349,273				297,289
GC Onshore			76,889				56,390				75,500				55,445
United States			880,283				674,886				869,276				673,361
Canada			636,718				339,611				639,707				326,646
North America			1,517,001				1,014,497				1,508,983				1,000,007
Egypt			358,870				388,367				365,157				375,249
Australia			179,582				203,147				181,243				205,209
North Sea			2,367				2,516				2,135				2,540
Argentina			215,203				183,028				201,722				168,953
International			756,022				777,058				750,257				751,951
Total			2,273,023				1,791,555				2,259,240				1,751,958
NGL VOLUME — Barrels per day
Central			707				500				747				496
Permian			12,824				6,475				11,092				3,977
GOM Deepwater			430				410				777				529
GOM Shelf			5,731				3,417				6,067				3,304
GC Onshore			2,111				1,076				1,851				1,068
United States			21,803				11,878				20,534				9,374
Canada			5,998				1,996				6,270				1,866
North America			27,801				13,874				26,804				11,240
Egypt			(24	)			—				101				—
Argentina			3,014				3,118				3,035				3,204
International			2,990				3,118				3,136				3,204
Total			30,791				16,992				29,940				14,444
BOE per day
Central			44,816				37,827				43,301				36,228
Permian			91,582				56,612				87,872				55,362
GOM Deepwater			15,965				6,600				16,255				7,409
GOM Shelf			108,806				97,622				109,949				96,739
GC Onshore			24,604				15,228				23,536				15,008
United States			285,773				213,889				280,913				210,746
Canada			126,526				73,159				127,443				70,753
North America			412,299				287,048				408,356				281,499
Egypt			159,422				163,223				165,190				157,184
Australia			70,503				94,538				67,870				78,179
North Sea			57,758				58,560				52,551				58,418
Argentina			48,537				43,497				46,291				41,260
International			336,220				359,818				331,902				335,041
Total			748,519				646,866				740,258				616,540

APACHE CORPORATION
FINANCIAL INFORMATION

		For the Quarter								For the Six Months
		Ended June 30,								Ended June 30,
		2011				2010				2011				2010
PRICING DATA:
AVERAGE OIL PRICE PER BARREL
Central		$	97.06			$	74.20			$	93.81			$	74.66
Permian			98.28				73.95				93.60				74.50
GOM Deepwater			110.91				76.35				104.74				76.33
GOM Shelf			114.29				76.91				106.46				76.89
GC Onshore			109.56				77.51				104.06				77.70
United States (1)			98.41				74.20				94.15				74.26
Canada			102.42				70.87				94.78				73.10
North America (1)			98.85				73.73				94.22				74.10
Egypt (1)			115.26				76.08				111.05				76.27
Australia (1)			115.18				74.42				110.92				74.58
North Sea (2)			108.44				78.78				105.06				76.58
Argentina			65.58				55.41				62.99				56.60
International (1, 2)			111.04				75.43				107.22				75.05
Total (1, 2)			106.31				74.89				102.15				74.74
AVERAGE NATURAL GAS PRICE PER MCF
Central		$	4.70			$	4.23			$	4.56			$	4.95
Permian			5.25				4.76				5.13				6.03
GOM Deepwater			4.53				3.97				4.31				4.65
GOM Shelf			4.65				4.49				4.59				5.12
GC Onshore			4.76				4.43				4.64				5.04
United States (1)			5.05				5.11				4.99				5.58
Canada (1)			4.71				4.51				4.63				4.88
North America (1)			4.91				4.91				4.84				5.35
Egypt			4.79				3.51				4.61				3.54
Australia			2.74				2.22				2.62				2.22
North Sea			26.41				17.15				23.72				17.73
Argentina			2.74				1.88				2.48				2.01
International			3.79				2.83				3.61				2.88
Total (1)			4.54				4.01				4.43				4.29
AVERAGE NGL PRICE PER BARREL
Central		$	61.18			$	38.87			$	54.45			$	44.40
Permian			52.09				37.73				49.34				38.96
GOM Deepwater			65.10				35.37				45.31				46.86
GOM Shelf			50.31				42.77				46.16				48.22
GC Onshore			59.69				52.43				58.05				53.62
United States			52.91				40.48				49.22				44.63
Canada			46.63				35.76				43.25				37.97
North America			51.56				39.80				47.82				43.52
Egypt			43.53				—				65.73				—
Argentina			27.64				25.68				29.08				30.23
International			27.51				25.68				30.26				30.23
Total			49.22				37.21				45.98				40.58

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 Six Months
		Ended June 30,								Ended June 30,
		2011				2010				2011				2010
Income Attributable to Common Stock (GAAP)		$	1,240			$	860			$	2,355			$	1,565
Adjustments:
Foreign currency fluctuation impact on deferred tax expense			19				(31	)			31				(25	)
Merger, acquisitions & transition, net of tax			3				5				7				5
Adjusted Earnings (Non-GAAP)		$	1,262			$	834			$	2,393			$	1,545
Net Income per Common Share — Diluted (GAAP)		$	3.17			$	2.53			$	6.03			$	4.61
Adjustments:
Foreign currency fluctuation impact on deferred tax expense			0.04				(0.09	)			0.07				(0.07	)
Merger, acquisitions & transition, net of tax			0.01				0.02				0.02				0.02
Adjusted Earnings Per Share — Diluted (Non-GAAP)		$	3.22			$	2.46			$	6.12			$	4.56

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 Six Months
		Ended June 30,								Ended June 30,
		2011				2010				2011				2010
Net cash provided by operating activities		$	2,745			$	1,931			$	4,724			$	3,085
Changes in operating assets and liabilities			(106	)			(97	)			158				318
Cash from operations before changes in operating assets and liabilities		$	2,639			$	1,834			$	4,882			$	3,403