Exhibit 99.1

APACHE’S 14% PRODUCTION GROWTH LIFTS EARNINGS 50% TO RECORD $4.5 BILLION IN 2011

Houston, Feb. 16, 2012 – Apache Corporation (NYSE, Nasdaq: APA) today reported that record production and strong oil prices combined to generate record full-year 2011 earnings of $4.5 billion or $11.47 per diluted common share, up 50 percent from $3 billion or $8.46 per share in 2010.

Production increased 14 percent to 748,000 barrels of oil equivalent (boe) per day. Cash from operations before changes in operating assets and liabilities* rose 39 percent to $10.2 billion. Excluding certain items that management believes affect the comparability of operating results, Apache reported adjusted earnings* of $4.7 billion or $11.83 per share, up from $3.2 billion or $8.94 per share in 2010.

“Apache’s balanced portfolio and returns focus fueled an outstanding year in 2011, setting records for production, earnings, revenues, proved reserves and cash flow,” said G. Steven Farris, chairman and chief executive officer.

In the fourth quarter, earnings totaled $1.2 billion or $2.98 per diluted share, up from $670 million or $1.77 per share in the prior-year period. Production totaled 759,000 boe per day, up 4 percent from the year-earlier quarter, and cash from operations before changes in operating assets and liabilities* totaled $2.7 billion, up from $2 billion in the year-earlier period. Apache reported fourth-quarter adjusted earnings* of $1.2 billion or $2.94 per share.

Apache’s oil and natural gas liquids production was 50 percent of total volume in 2011 but contributed nearly 80 percent of revenues because of the wide gap between global crude oil and North American natural gas prices. Apache’s results also benefited from the price differentials between oil prices in basins linked to the West Texas Intermediate benchmark and higher prices for oil produced in the Gulf of Mexico, Egypt, Australia and the North Sea that represents approximately 76 percent of its crude production.

Apache ended 2011 with proved reserves of 3 billion boe, up 1 percent from 2010. Apache’s 2011 production was 273 million boe (MMboe). The company added 422 MMboe, or 155 percent of production, through extensions, discoveries and acquisitions. Divestitures and revisions totaled 113 MMboe. Apache spent $9.1 billion on exploration, development and acquisitions capital, excluding asset retirement obligations and capitalized interest.*

During 2011, with the continued downward pressure on North American natural gas prices, Apache transitioned its North American drilling program to oily and liquids-rich targets in the Permian and Anadarko basins, the Gulf of Mexico and Canada.

Apache also sanctioned several long-lead-time projects in Australia that are expected to contribute to future growth, including the Julimar/Wheatstone LNG project and the Macedon, Coniston and Balnaves developments. The company also sanctioned development of the Anadarko Petroleum-operated Lucius unit, a world-class discovery in the Keathley Canyon area of the deepwater Gulf of Mexico.

Additional drilling is planned in 2012 in the North Sea, where Apache completed its acquisition of Mobil North Sea Limited, including the operated Beryl, Nevis, Ness, Nevis South, Skene and Buckland fields. First production from the Bacchus development near the Forties Field is planned in March.

Apache plans to spend $9.5 billion of drilling capital in 2012, up from $8 billion in 2011, Farris said. “We will live within our cash flow, and we will review capital allocations quarterly.

“We are planning to drill up to 20-30 percent more wells in 2012 than in 2011, when we drilled approximately 1,100 gross wells,” he said. “More than half of the wells planned in 2012 will be drilled in the Permian and Anadarko Basins to exploit stacked oil and liquids-rich pay opportunities in these prolific basins.”

Apache also plans active exploratory drilling programs in Australia, the deepwater Gulf of Mexico, Egypt, Alaska, Kenya and New Zealand.

“We are in a good position to deliver profitable growth in 2012 and future years,” Farris said. Based on our current capital program, we anticipate production will increase in the range of 7-13 percent in 2012.”

Apache recently announced that it has increased the regular quarterly cash dividend on the company’s common shares by 13 percent to 17 cents per share. “With our balanced portfolio and deep inventory of drilling locations and development projects, we have confidence in Apache’s future,” Farris said.

NOTE: Apache will conduct a conference call to discuss its fourth-quarter and full-year 2011 results at 1 p.m. Central time on Thursday, Feb. 16. The conference call will be webcast from Apache’s website, www.apachecorp.com. The webcast replay will be archived on Apache’s website. The conference call will be available for delayed playback by telephone for one week beginning at approximately 4 p.m. on Feb. 16. To access the telephone playback, dial 855-859-2056 or 404-537-3406 for international calls. The conference access code is 42312218.

*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.

About Apache

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. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com.

Forward-looking statements

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. These statements include, but are not limited to, statements about future plans, expectations, and objectives for Apache’s operations including statements about our drilling plans and LNG projects. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in our 2010 Form 10-K as amended by Amendment No. 1 to our annual report on Form 10-K/A filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.

APACHE CORPORATION

STATEMENT OF CONSOLIDATED OPERATIONS

(In millions, except per share data)

APACHE CORPORATION

SUMMARY OF CAPITAL COSTS INCURRED

(In millions)

APACHE CORPORATION

SUMMARY BALANCE SHEET INFORMATION

(In millions)

APACHE CORPORATION

PRODUCTION INFORMATION

APACHE CORPORATION

PRICE INFORMATION

APACHE CORPORATION

NON-GAAP FINANCIAL MEASURES

(In millions, except per share data)

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: