APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 595th on the Fortune 500.
|Headquarters||Post Oak Central|
Houston, Texas, U.S.
|John J. Christmann IV, CEO|
|439 thousand barrels of oil equivalent (2,690,000 GJ) per day (2020)|
|Revenue||US$4.308 billion (2020)|
|US$−4.860 billion (2020)|
|Total assets||US$12.746 billion (2020)|
|Total equity||US$−0.645 billion (2020)|
Number of employees
|Footnotes / references|
As of December 31, 2020, the company had 873 million barrels of oil equivalent (5.34×109 GJ) of estimated proved reserves, of which 68% was in the United States, 20% was in Egypt, and 12% was in the North Sea.
In 1960, the company acquired interests in the Foshay Tower, a Minneapolis landmark. The 32-story imitation of the Washington Monument, became the company's headquarters from the early 1960s until 1984.
In 1967, the oil well Fagerness #1 was drilled, yielding the company's first major discovery.
In 1970, the company diversified into agriculture with the acquisition of the S&J Ranch in California. The ranch produced citrus fruit, figs, pistachios, olives, and almonds. It was sold in 1987.
In 1971, the company formed Apache Exploration Company (subsequently "Apexco") as its oil and gas operating company.
In 1993, the company acquired Hadson Energy Resources in a $58 million transaction, expanding its assets to offshore Western Australia.
In 1994, the company began operations in Egypt by acquiring a 25 percent non-operated interest in the Qarun Concession, operated by the Phoenix Resource Companies. Production began in December 1995.
In 1995, the company also acquired 315 oil and gas fields in the Permian Basin, the Texas-Louisiana Gulf Coast, western Oklahoma, East Texas, the Rocky Mountains and the Gulf of Mexico from Texaco.
In 1996, the company acquired Phoenix Resources and took over operations of the Qarun Concession in Egypt.
In 2002, the company drilled its first deepwater wells in the West Mediterranean Concession of offshore Egypt.
In February 2010, the company started production from the Van Gogh development offshore Western Australia.
In March 2010, a Federal judge upheld the company's decision to exclude from its annual meeting ballot a corporate governance proposal from a person who had not proven on a timely basis that he actually was one of the company's shareholders.
In November 2010, the company acquired Mariner Energy for $2.7 billion.
In May 2012, the company acquired Cordillera Energy Partners for $2.5 billion in cash and 6.3 million shares of common stock. The acquisition added approximately 71 million barrels of oil equivalent (430,000,000 GJ) to Apache's reserves and strengthened its position across western Oklahoma and the Texas Panhandle.
In 2016, the company sold its interest in the Scottish Area Gas Evacuation pipeline.
In 2020, the company declared its 'Alpine High' discovery to be a failure despite spending $3 billion on the play. Steven Keenan, VP of global exploration and Lead Geologist on the play resigned.
In January 2021, APA Corporation made a deal with the Egypt’s Ministry of Petroleum and Mineral Resources (MOP) and the Egyptian General Petroleum Corporation. (EGPC) about the development in petroleum sector.
In March 2021, the company reorganized its legal structure, with APA Corporation becoming the holding company for all of its subsidiaries.
2013 toxic waste spillEdit
On June 1, 2013 a pipeline in northern Alberta, Canada was noticed to have ruptured, spilling 60,000 barrels (9.5 million litres) of toxic waste in what was cited as one of the largest of such disasters in recent history in North America.
In June 2008, the natural gas pipeline explosion at the company's processing hub on Varanus Island led to the 2008 Western Australian gas crisis. The Australian government was forced to drop charges as a result of a technicality.
- "Apache Corporation 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- "Apache Corporation and APA Corporation Announce Completion of New Holding Company Structure" (Press release). GlobeNewswire. March 1, 2021.
- "Fortune 500: Apache". Fortune.
- "Forbes: Apache". Forbes.
- "Journey into Risk Country - The First 30 Years of Apache" (PDF). Apache.
- "CASTLE & COOKE BUYS HOLDINGS OF APACHE CORP". The Journal of Commerce. Associated Press. September 27, 1987.
- Metz, Robert (March 5, 1981). "Market Place: The Apache Partnership". The New York Times.
- Biddle, Fred Marc (May 22, 1986). "Oil Partnership To Buy 4 Firms Of Occidental". Chicago Tribune.
- "Amoco Unit in Deal To Sell U.S. Reserves". The New York Times. Reuters. May 3, 1991.
- "Apache to Double Reserves with Amoco Deal". Oil & Gas Journal. May 13, 1991.
- Stuart, Lettice (April 15, 1992). "Real Estate; Office Space In Houston: Plenty of It". The New York Times.
- "Apache to Buy 68% Stake in Hadson Energy". The New York Times. June 19, 1993.
- "Egypt western desert activity hits high gear". Oil & Gas Journal. November 4, 1996.
- "Apache to Acquire Dekalb Energy". The New York Times. December 22, 1994.
- SALPUKAS, AGIS (November 30, 1994). "Apache To Buy Fields From Texaco". The New York Times.
- "Apache Agrees to Acquire Phoenix Resources". The New York Times. Associated Press. March 29, 1996.
- "Apache is Buying Fields and Leases from Shell Unit". The New York Times. Bloomberg News. April 30, 1999.
- "Apache to Acquire Repsol's Egypt Interests for US$410 Million; A 'Step Change' for Apache's Already Formidable Operations in Egypt" (Press release). PR Newswire. January 23, 2001.
- "Apache Reports Third Successful Gas Discovery in Deep Water Offshore Egypt" (PDF). 2002.
- "Apache to buy North Sea Forties oil field stake, Gulf of Mexico assets from BP for $1.3 billion". Oil & Gas Journal. January 13, 2003.
- "ExxonMobil and Apache Announce Program to Expand Exploration and Development in Western Canada" (Press release). PR Newswire. May 5, 2005.
- "Apache and Amerada Hess in Acreage Swap". RigZone. October 13, 2005.
- "Apache to buy BP Gulf of Mexico shelf assets". Oil & Gas Journal. April 20, 2006.
- "ROC Oil to buy Apache oil production in China". Oil & Gas Journal. June 27, 2006.
- "Apache tests Exmouth basin well off W. Australia". Oil & Gas Journal. June 22, 2007.
- Driver, Anna (February 10, 2010). "Apache has first oil from Van Gogh". Reuters.
- Steffy, Loren (March 11, 2010). "Apache can reject proxy proposal, judge rules". Houston Chronicle.
- "Apache Completes Acquisition of Devon's Gulf of Mexico Shelf Assets" (Press release). PR Newswire. June 10, 2010.
- Helman, Christopher (August 16, 2010). "Inside BP's $7 Billion Deal With Apache". Forbes.
- "Apache, Mariner merger complete". American City Business Journals. November 10, 2010.
- Petzet, Alan (March 26, 2012). "Apache presses Egypt Faghur basin discoveries, 3D". Oil & Gas Journal.
- "Apache Completes Acquisition of ExxonMobil's Beryl Field, Other UK North Sea Assets" (Press release). PR Newswire. January 3, 2012.
- "Apache Completes Cordillera Energy Partners III, LLC Acquisition" (Press release). PR Newswire. May 1, 2012.
- "Apache Completes Egypt Partnership With Sinopec" (Press release). PR Newswire. November 14, 2013.
- "Apache agrees to sell Australian operations for $2.1 billion" (Press release). PR Newswire. April 8, 2015.
- WILLIAMSON, MARK (November 30, 2016). "US giant sells North Sea assets". The Herald.
- Cryderman, Kelly (2017-07-06). "Apache joins foreign exit from Canada's energy sector". The Globe and Mail. Archived from the original on 2019-12-22. Retrieved 2020-03-20.
- Adams-Heard, Rachel (February 27, 2020). "Apache Calls It Quits on Alpine High After $3 Billion Charge". Bloomberg News.
- ADAMS-HEARD, RACHEL (October 27, 2019). "Apache executive's departure sparks worst rout since 2016". World Oil.
- "APA Corp. signs agreement with Egyptian government". Oilfield Technology. 2021-05-07. Retrieved 2021-09-01.
- "Massive Alberta waste water spill will kill plants, says ecologist". CBC News. 13 June 2013.
- VANDERKLIPPE, NATHAN (June 12, 2013). "Toxic waste spill in northern Alberta biggest of recent disasters in North America". Globe & Mail.
- Spooner, Rania; King, Rhianna (March 29, 2012). "State drops lawsuit over Varanus Island gas explosion". WAtoday.
- "Varanus gas explosion report slams Apache Energy". ABC News (Australia). 24 May 2012.
- "Farris SEC letter dated October 2, 2007" (PDF). U. S. Securities and Exchange Commission.
- Business data for APA Corporation: