Exhibit 99.1

CONTACTS:

Media:		Bill Mintz		(713) 296-7276
		Robert Dye		(713) 296-6662
Investors:		Patrick Cassidy		(713) 296 6100
		Castlen Kennedy		(713) 296 7189
(Web site):		www.apachecorp.com

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

APACHE REPORTS RECORD QUARTERLY PRODUCTION OF 752,000 BOE/D

HOUSTON, Nov. 3, 2011 — Apache Corporation (NYSE, Nasdaq: APA) reported production of 752,000 barrels of oil equivalent (boe) per day and earnings of $983 million, or $2.50 per diluted share, for the three-month period ending Sept. 30, 2011. These compare with production of 667,000 boe per day and net income of $765 million, or $2.12 per diluted share, for the same period in the prior year.

     Excluding certain items that management believes affect the comparability of operating results, Apache reported adjusted earnings* of $1.2 billion in third quarter 2011 compared with $797 million in the year-earlier period. On a per-share basis, adjusted earnings were $2.95 in the third quarter compared with $2.20 per diluted share in the prior-year period. Oil and gas revenues for third quarter 2011 were $4.3 billion, a 41 percent increase from $3.0 billion for the same period last year. Cash from operations before changes in operating assets and liabilities* were $2.7 billion, up 35 percent from the prior year’s $2.0 billion.

     “Apache had a very productive quarter, both in operations and commercial activity,” said G. Steven Farris, chairman and chief executive officer. “For the sixth consecutive quarter, we achieved record daily production on an equivalent basis. We’ve commenced development of the Balnaves oil field offshore Western Australia. We’ve extended the productive range of our holdings in Egypt’s remote Western Desert with new producers in the Faghur Basin. We continue to drill from the extensive,

multiyear inventory of drillable locations we have developed in the Permian, Central, Gulf of Mexico and Canadian regions of North America. Domestically, the recent focus has obviously been on higher-margin oil and liquids-rich opportunities. This operational flexibility is a competitive advantage of Apache’s portfolio model.

     “Apache made great progress commercially as well during the quarter. We announced the acquisition of ExxonMobil’s Beryl and other selected fields in the U.K. sector of the North Sea, expanding our presence in this region. In Australia, the partner-operated Wheatstone Project advanced to development. This is Apache’s first liquefied natural gas (LNG) project, and we expect it will enable us to monetize an estimated 2 trillion cubic feet of natural gas resource from the Brunello, Julimar, and Balnaves fields, which also are in development, at premium prices pegged to the worldwide market for LNG, creating additional value at those discoveries,” Farris said.

     Liquid hydrocarbons represented 50 percent of production and 78 percent of revenues. Apache benefited from higher oil prices for both its international production indexed to Dated Brent benchmarks and 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.

     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 third-quarter 2011 results at 1 p.m. Central time on Thursday, Nov. 3. The call will be webcast from Apache’s website, www.apachecorp.com. The webcast replay and podcast will be archived on Apache’s website. The conference call will be available for delayed playback by telephone for one week beginning at approximately 3 p.m. on Nov. 3. 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, risks related to development of the partner-operated Wheatstone LNG project, 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 Nine Months
		Ended September 30,								Ended September 30,
		2011				2010				2011				2010
REVENUES AND OTHER:
Oil and gas production revenues		$	4,282			$	3,047			$	12,515			$	8,709
Other			46				(34	)			76				(51	)
			4,328				3,013				12,591				8,658
COSTS AND EXPENSES:
Depreciation, depletion and amortization			1,065				787				3,030				2,155
Asset retirement obligation accretion			39				25				114				74
Lease operating expenses			661				507				1,946				1,393
Gathering and transportation			72				43				221				126
Taxes other than income			244				158				663				522
General and administrative			112				89				327				260
Merger, acquisitions & transition			4				8				15				16
Financing costs, net			37				59				123				174
			2,234				1,676				6,439				4,720
INCOME BEFORE INCOME TAXES			2,094				1,337				6,152				3,938
Current income tax provision			473				207				1,692				889
Deferred income tax provision			619				352				1,065				706
NET INCOME			1,002				778				3,395				2,343
Preferred stock dividends			19				13				57				13
INCOME ATTRIBUTABLE TO COMMON STOCK		$	983			$	765			$	3,338			$	2,330
NET INCOME PER COMMON SHARE:
Basic		$	2.56			$	2.14			$	8.70			$	6.78
Diluted		$	2.50			$	2.12			$	8.49			$	6.72
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic			384				357				384				344
Diluted			400				367				400				349
DIVIDENDS DECLARED PER COMMON SHARE		$	0.15			$	0.15			$	0.45			$	0.45

APACHE CORPORATION
FINANCIAL INFORMATION
(In millions)

		For the Quarter								For the Nine Months
		Ended September 30,								Ended September 30,
		2011				2010				2011				2010
CAPITAL EXPENDITURES (1):
Exploration & Development Costs
United States		$	688			$	421			$	1,976			$	1,039
Canada			175				228				609				593
North America			863				649				2,585				1,632
Egypt			197				205				674				510
Australia			127				106				445				401
North Sea			197				207				618				437
Argentina			87				73				245				167
Chile			—				6				1				20
Other International			22				—				48				—
International			630				597				2,031				1,535
Worldwide Exploration & Development Costs		$	1,493			$	1,246			$	4,616			$	3,167
Gathering, Transmission and Processing Facilities
United States		$	9			$	—			$	9			$	—
Canada			29				35				113				107
Egypt			20				21				74				111
Australia			136				12				255				102
Argentina			3				1				7				2
Total Gathering, Transmission and Processing		$	197			$	69			$	458			$	322
Capitalized Interest		$	70			$	29			$	193			$	64
Capital Expenditures, excluding acquisitions		$	1,760			$	1,344			$	5,267			$	3,553
Acquisitions		$	398			$	2,517			$	493			$	3,550

		September 30,				December 31,
		2011				2010
BALANCE SHEET DATA:
Cash and Cash Equivalents		$	586			$	134
Other Current Assets			3,990				3,346
Property and Equipment, net			41,136				38,151
Goodwill			1,032				1,032
Other Assets			738				762
Total Assets		$	47,482			$	43,425
Short-Term Debt		$	417			$	46
Other Current Liabilities			3,607				3,478
Long-Term Debt			6,785				8,095
Deferred Credits and Other Noncurrent Liabilities			8,770				7,429
Shareholders’ Equity			27,903				24,377
Total Liabilities and Shareholders’ Equity		$	47,482			$	43,425
Common shares outstanding at end of period			384				382

APACHE CORPORATION
FINANCIAL INFORMATION

		For the Quarter								For the Nine Months
		Ended September 30,								Ended September 30,
		2011				2010				2011				2010
PRODUCTION DATA:
OIL VOLUME — Barrels per day
Central			7,873				3,767				6,608				3,027
Permian			51,410				39,374				49,849				37,033
GOM Deepwater			6,155				1,782				5,859				1,968
GOM Shelf			45,115				44,771				45,483				44,186
GC Onshore			9,800				8,130				9,336				5,855
United States			120,353				97,824				117,135				92,069
Canada			13,027				13,868				14,040				14,252
North America			133,380				111,692				131,175				106,321
Egypt			103,289				99,818				103,913				96,387
Australia			39,400				56,876				38,248				48,324
North Sea			57,838				58,764				54,097				58,254
Argentina			9,461				9,645				9,577				9,812
International			209,988				225,103				205,835				212,777
Total			343,368				336,795				337,010				319,098
NATURAL GAS VOLUME — Mcf per day
Central			221,193				216,189				220,094				204,446
Permian			181,070				117,557				171,309				101,440
GOM Deepwater			43,596				19,804				53,557				25,836
GOM Shelf			331,292				330,439				343,214				308,460
GC Onshore			80,842				52,534				77,300				54,464
United States			857,993				736,523				865,474				694,646
Canada			619,897				334,945				633,031				329,443
North America			1,477,890				1,071,468				1,498,505				1,024,089
Egypt			376,259				380,598				368,898				377,051
Australia			187,852				197,090				183,470				202,473
North Sea			2,497				2,372				2,257				2,483
Argentina			223,929				202,381				209,206				180,219
International			790,537				782,441				763,831				762,226
Total			2,268,427				1,853,909				2,262,336				1,786,315
NGL VOLUME — Barrels per day
Central			1,961				592				1,156				529
Permian			12,733				9,426				11,645				5,814
GOM Deepwater			726				369				760				475
GOM Shelf			4,560				5,079				5,559				3,902
GC Onshore			1,939				1,033				1,881				1,056
United States			21,919				16,499				21,001				11,776
Canada			6,120				2,134				6,220				1,956
North America			28,039				18,633				27,221				13,732
Egypt			(4	)			—				66				—
North Sea			14				—				5				—
Argentina			3,008				3,047				3,024				3,151
International			3,018				3,047				3,095				3,151
Total			31,057				21,680				30,316				16,883
BOE per day
Central			46,699				40,390				44,446				37,631
Permian			94,321				68,393				90,045				59,753
GOM Deepwater			14,148				5,451				15,545				6,749
GOM Shelf			104,890				104,924				108,244				99,498
GC Onshore			25,213				17,918				24,101				15,988
United States			285,271				237,076				282,381				219,619
Canada			122,463				71,827				125,765				71,115
North America			407,734				308,903				408,146				290,734
Egypt			165,995				163,251				165,461				159,228
Australia			70,708				89,724				68,826				82,070
North Sea			58,269				59,159				54,478				58,668
Argentina			49,790				46,423				47,471				43,000
International			344,762				358,557				336,236				342,966
Total			752,496				667,460				744,382				633,700

APACHE CORPORATION
FINANCIAL INFORMATION

		For the Quarter								For the Nine Months
		Ended September 30,								Ended September 30,
		2011				2010				2011				2010
PRICING DATA:
AVERAGE OIL PRICE PER BARREL
Central		$	84.55			$	72.43			$	90.09			$	73.73
Permian			86.67				72.47				91.19				73.78
GOM Deepwater			104.05				76.77				104.50				76.46
GOM Shelf			106.64				75.72				106.52				76.49
GC Onshore			102.66				75.95				103.56				76.88
United States (1)			93.86				73.67				94.05				74.05
Canada			88.34				69.01				92.77				71.76
North America (1)			93.32				73.09				93.91				73.74
Egypt(1)			110.96				75.91				111.02				76.15
Australia(1)			113.40				74.80				111.78				74.66
North Sea(2)			101.85				75.25				103.90				76.13
Argentina			69.27				57.31				65.08				56.84
International (1,2)			107.03				74.66				107.15				74.91
Total(1,2)			101.71				74.14				102.00				74.52
AVERAGE NATURAL GAS PRICE PER MCF
Central		$	4.67			$	4.41			$	4.60			$	4.76
Permian			5.35				4.64				5.21				5.49
GOM Deepwater			4.03				4.29				4.23				4.55
GOM Shelf			4.62				4.69				4.60				4.96
GC Onshore			4.60				4.71				4.63				4.94
United States (1)			5.06				5.10				5.02				5.41
Canada (1)			4.49				4.42				4.58				4.72
North America (1)			4.82				4.89				4.83				5.19
Egypt			4.60				3.57				4.61				3.55
Australia			2.88				2.20				2.71				2.21
North Sea			21.43				16.54				22.87				17.35
Argentina			2.74				1.79				2.57				1.93
International			3.71				2.80				3.65				2.86
Total (1)			4.44				4.01				4.43				4.19
AVERAGE NGL PRICE PER BARREL
Central		$	51.55			$	48.38			$	52.79			$	45.90
Permian			53.84				34.11				51.00				36.31
GOM Deepwater			54.95				40.93				48.41				45.31
GOM Shelf			53.44				25.84				48.17				38.41
GC Onshore			62.57				64.16				59.62				57.09
United States			54.36				34.11				51.03				39.66
Canada			46.93				34.18				44.47				36.58
North America			52.74				34.12				49.53				39.22
Egypt			33.62				—				66.37				—
North Sea			65.45				—				65.45				—
Argentina			26.45				26.39				28.20				28.98
International			26.62				26.39				29.06				28.98
Total			50.20				33.03				47.44				37.31

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 Nine Months
		Ended September 30,								Ended September 30,
		2011				2010				2011				2010
Income Attributable to Common Stock (GAAP)		$	983			$	765			$	3,338			$	2,330
Adjustments:
U.K. tax rate increase			274				—				218				—
Foreign currency fluctuation impact on deferred tax expense			(99	)			27				(68	)			2
Merger, acquisitions & transition, net of tax			2				5				9				10
Adjusted Earnings (Non-GAAP)		$	1,160			$	797			$	3,497			$	2,342
Net Income per Common Share — Diluted (GAAP)		$	2.50			$	2.12			$	8.49			$	6.72
Adjustments:
U.K. tax rate increase			0.69				—				0.55				—
Foreign currency fluctuation impact on deferred tax expense			(0.25	)			0.07				(0.17	)			—
Merger, acquisitions & transition, net of tax			0.01				0.01				0.02				0.03
Adjusted Earnings Per Share — Diluted (Non-GAAP)		$	2.95			$	2.20			$	8.89			$	6.75

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 Nine Months
		Ended September 30,								Ended September 30,
		2011				2010				2011				2010
Net cash provided by operating activities		$	2,447			$	1,715			$	7,171			$	4,800
Changes in operating assets and liabilities			241				269				399				587
Cash from operations before changes in operating assets and liabilities		$	2,688			$	1,984			$	7,570			$	5,387