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 PRODUCTION SURGES 25% IN FIRST QUARTER TO 732,000 BOE PER DAY

Quarterly earnings top $1.1 billion or $2.86 per diluted share; cash flow exceeds $2.2 billion

Houston, April 28, 2011 — Apache Corporation (NYSE, Nasdaq: APA) reported production of 732,000 barrels of oil equivalent (boe) per day and earnings of $1.1 billion, or $2.86 per diluted share, for the three-month period ending March 31, 2011. These compare with production of 586,000 boe per day and net income of $705 million, or $2.08 per diluted share, for the same period in the prior year.

     “Apache is beginning the year with a solid, strong performance,” said G. Steven Farris, chairman and chief executive officer. “Despite a number of challenges, our diversified portfolio of assets delivered exceptional earnings and operating results. Liquids production increased 57,000 barrels to 358,000 barrels per day, which enabled Apache to achieve stand-out earnings and cash flow as a leading beneficiary of rising oil prices.”

     Higher oil prices and production from new wells drilled during the quarter and assets acquired during 2010 combined to increase revenues to $3.9 billion, up from $2.7 billion last year. Cash from operations before changes in operating assets and liabilities* increased 43 percent from the prior year to $2.2 billion. Excluding certain items that management believes affect the comparability of operating results, Apache reported adjusted earnings* of $1.1 billion in first quarter 2011 compared with $712 million in the year-earlier period. On a per-share basis, adjusted earnings were $2.90 in the first quarter compared with $2.10 per diluted share in the prior-year period.

     Liquid hydrocarbons represented 49 percent of production and 77 percent of revenues. Approximately 60 percent of the company’s oil production came from operations outside North America and received in excess of a $10 premium per barrel compared with domestic production benchmarked to West Texas Intermediate prices.

			On the operational front, the company achieved several milestones. These include:
	•		Apache’s most prolific development well in the Forties field (North Sea), which came online at approximately 11,800 barrels of oil per day.
	•		In the Permian Basin, Apache is operating 24 rigs, up nearly five-fold from a year ago. Targeting primarily oil objectives, Apache drilled 110 wells including 15 horizontals during the first quarter.
	•		Since drilling the first-ever horizontal Hogshooter well last year, Apache has drilled six wells into this oil-rich segment of the Anadarko basin’s Granite Wash formation. To date, every well has tested in excess of 1,000 barrels of oil and 2 million cubic feet of gas per day.
	•		The company’s first operated deepwater production in the Gulf of Mexico with start-up at the Balboa field.
	•		Offshore Australia, Apache’s Zola discovery well encountered 410 feet of net gas pay.
	•		In Egypt, Apache operated 22 rigs during the quarter, drilling 33 wells, including the company’s first wells in the Tayim development lease in West Kalabsha producing from deeper Paleozoic pay. Apache’s production remained online throughout the quarter, increasing sequentially from the previous three months.

     “We continue to strengthen our land position, both in North America and internationally. Our LNG initiatives, Kitimat in Canada and Wheatstone in Australia, are steadily progressing toward project sanction with their respective joint venture partnerships,” Farris said.

     “Apache’s opportunity set has never been more robust. We have a deep backlog of exploitation opportunities across our portfolio. In addition to our legacy plays in core areas, we have other

potentially large-scale, long-life assets such as deepwater, LNG, and unconventional plays that can provide lasting, long-term value to our shareholders.”

     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 first-quarter 2011 results at 1 p.m. Central time on Thursday, April 28. 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 April 28. To access the telephone playback, dial 800-642-1687 or 706-645-9291 for international calls and provide Apache’s confirmation code, 21269081.

     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. 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 our most recently filed 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.

     Effective January 1, 2010, the United States Securities and Exchange Commission (SEC) now permits oil and gas companies, in their filings with the SEC, to disclose not only “proved” reserves, but also “probable” reserves as well as “possible” reserves. Statements of reserves are only estimates and

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

		For the Quarter
		Ended March 31,
		2011				2010
REVENUES AND OTHER:
Oil and gas production revenues		$	3,878			$	2,693
Other			47				(20	)
			3,925				2,673
COSTS AND EXPENSES:
Depreciation, depletion and amortization			936				639
Asset retirement obligation accretion			37				24
Lease operating expenses			623				440
Gathering and transportation			76				40
Taxes other than income			164				177
General and administrative			112				87
Merger, acquisitions and transition			5				—
Financing costs, net			45				59
			1,998				1,466
INCOME BEFORE INCOME TAXES			1,927				1,207
Current income tax provision			643				343
Deferred income tax provision			150				159
NET INCOME			1,134				705
Preferred stock dividends			19				—
INCOME ATTRIBUTABLE TO COMMON STOCK		$	1,115			$	705
NET INCOME PER COMMON SHARE:
Basic		$	2.91			$	2.09
Diluted		$	2.86			$	2.08
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING			383				337
DILUTED SHARES OUTSTANDING			397				339

APACHE CORPORATION
FINANCIAL INFORMATION
(In millions)

		For the Quarter
		Ended March 31,
		2011				2010
CAPITAL EXPENDITURES (1):
Exploration & Development Costs
United States		$	615			$	297
Canada			266				203
North America			881				500
Egypt			193				166
Australia			162				165
North Sea			210				94
Argentina			69				37
Chile			—				10
International			634				472
Worldwide Exploration & Development Costs		$	1,515			$	972
Gathering, Transmission and Processing Facilities
Canada		$	42			$	33
Egypt			29				24
Australia			51				56
Argentina			—				1
Total Gathering, Transmission and Processing		$	122			$	114
Capitalized Interest		$	60			$	17
Capital Expenditures, excluding acquisitions		$	1,697			$	1,103
Acquisitions		$	11			$	5

		March 31,				December 31,
		2011				2010
BALANCE SHEET DATA:
Cash and Cash Equivalents		$	356			$	134
Other Current Assets			3,645				3,346
Property and Equipment, net			39,046				38,151
Goodwill			1,032				1,032
Other Assets			787				762
Total Assets		$	44,866			$	43,425
Short-Term Debt		$	30			$	46
Other Current Liabilities			3,926				3,478
Long-Term Debt			8,130				8,095
Deferred Credits and Other Noncurrent Liabilities			7,582				7,429
Shareholders’ Equity			25,198				24,377
Total Liabilities and Shareholders’ Equity		$	44,866			$	43,425
Common shares outstanding at end of period			383				382

APACHE CORPORATION
FINANCIAL INFORMATION

		For the Quarter
		Ended March 31,
		2011				2010
PRODUCTION DATA:
OIL VOLUME — Barrels per day
Central			5,046				2,371
Permian			48,280				35,875
GOM Deepwater			5,322				2,202
GOM Shelf			46,558				43,664
GC Onshore			8,517				4,643
United States			113,723				88,755
Canada			14,704				14,330
North America			128,427				103,085
Egypt			108,876				90,746
Australia			34,720				27,090
North Sea			46,968				57,847
Argentina			9,617				9,921
International			200,181				185,604
Total			328,608				288,689
NATURAL GAS VOLUME — Mcf per day
Central			215,612				190,481
Permian			159,005				100,626
GOM Deepwater			60,589				32,253
GOM Shelf			348,845				293,969
GC Onshore			74,095				54,490
United States			858,146				671,819
Canada			642,729				313,537
North America			1,500,875				985,356
Egypt			371,514				361,986
Australia			182,922				207,294
North Sea			1,901				2,563
Argentina			188,092				154,723
International			744,429				726,566
Total			2,245,304				1,711,922
NGL VOLUME — Barrels per day
Central			787				493
Permian			9,341				1,452
GOM Deepwater			1,129				649
GOM Shelf			6,407				3,189
GC Onshore			1,588				1,060
United States			19,252				6,843
Canada			6,545				1,734
North America			25,797				8,577
Egypt			228				—
Argentina			3,055				3,291
International			3,283				3,291
Total			29,080				11,868
BOE per day
Central			41,768				34,610
Permian			84,121				54,098
GOM Deepwater			16,549				8,226
GOM Shelf			111,106				95,848
GC Onshore			22,455				14,785
United States			275,999				207,567
Canada			128,370				68,320
North America			404,369				275,887
Egypt			171,023				151,077
Australia			65,207				61,639
North Sea			47,285				58,275
Argentina			44,021				38,999
International			327,536				309,990
Total			731,905				585,877

APACHE CORPORATION
FINANCIAL INFORMATION

		For the Quarter
		Ended March 31,
		2011				2010
PRICING DATA:
AVERAGE OIL PRICE PER BARREL
Central		$	89.33			$	75.24
Permian			88.72				75.06
GOM Deepwater			97.61				76.30
GOM Shelf			98.84				76.87
GC Onshore			97.73				77.90
United States (1)			89.72				74.33
Canada			87.21				75.39
North America (1)			89.43				74.47
Egypt (1)			107.14				76.49
Australia (1)			105.89				74.94
North Sea (2)			100.89				74.34
Argentina			60.36				57.81
International (1, 2)			103.21				74.60
Total (1, 2)			97.83				74.55
AVERAGE NATURAL GAS PRICE PER MCF
Central		$	4.42			$	5.73
Permian			4.99				7.12
GOM Deepwater			4.10				5.19
GOM Shelf			4.53				5.78
GC Onshore			4.51				5.69
United States (1)			4.94				6.06
Canada (1)			4.54				5.29
North America (1)			4.77				5.82
Egypt			4.44				3.57
Australia			2.50				2.22
North Sea			20.34				18.31
Argentina			2.18				2.17
International			3.43				2.94
Total (1)			4.32				4.60
AVERAGE NGL PRICE PER BARREL
Central		$	48.34			$	50.06
Permian			45.52				44.50
GOM Deepwater			37.69				54.21
GOM Shelf			42.41				54.14
GC Onshore			55.85				54.83
United States			44.99				51.91
Canada			40.12				40.54
North America			43.76				49.61
Egypt			63.35				—
Argentina			30.51				34.60
International			32.79				34.60
Total			42.52				45.45

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

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
		Ended March 31,
		2011				2010
Income Attributable to Common Stock (GAAP)		$	1,115			$	705
Adjustments:
Foreign currency fluctuation impact on deferred tax expense			12				7
Merger, acquisitions and transition costs, net of tax			4				—
Adjusted Earnings (Non-GAAP)		$	1,131			$	712
Net Income per Common Share — Diluted (GAAP)		$	2.86			$	2.08
Adjustments:
Foreign currency fluctuation impact on deferred tax expense			0.03				0.02
Merger, acquisitions and transition costs, net of tax			0.01				—
Adjusted Earnings Per Share — Diluted (Non-GAAP)		$	2.90			$	2.10

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
		Ended March 31,
		2011				2010
Net cash provided by operating activities		$	1,979			$	1,154
Changes in operating assets and liabilities			264				415
Cash from operations before changes in operating assets and liabilities		$	2,243			$	1,569