Apache Corporation

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Headquarters: 2000 Post Oak Blvd., Suite 100 Houston, TX 77056 Employees: 3,150 CEO: Steven Farris Stock Symbol: APA Website: http://www.apachecorp.com Career Site Apache Corporation is a leading independent oil and gas exploration and development company with core operations in the United States, Canada, Egypt, the United Kingdom North Sea, Argentina and Western Australia. In the United States, Apache is one of the leading oil and gas exploitation companies with operations in the Outer Continental Shelf in the Gulf of Mexico, the Anadarko Basin of Western Oklahoma, the Permian Basin of West Texas and New Mexico, the San Juan Basin of New Mexico, East Texas and the Texas and Louisiana Gulf Coast. Apache reported record revenues and profits in 2007 due to strong production and high oil prices. Net income was $2.8 billion on revenues of $9.9 billion. Production averaged 561,239 barrels of oil equivalent (boe) per day during 2007 -- a 12-percent increase and the 28th annual increase in the last 29 years. Fourth-quarter production averaged 574,646 boe per day, up 8 percent from the prior-year period. Proven reserves totaled 2.45 billion boe, up 6 percent from 2006 and the 22nd consecutive annual increase. Apache replaced 167 percent of its 2007 production, including 140 percent from drilling activity. History Apache Oil was founded on December 6, 1954, in Minneapolis, MN, by Truman Anderson, Raymond Plank and Charles Arnao. The three partners, fascinated by the investment and tax-shelter opportunities offered by drilling for oil and gas, challenged early employees to develop a name for their venture. Helen Johnson added "che" to APA and was awarded a $25 United States Savings Bond for her efforts. Apache's first wells were drilled in 1955 in the Cushing field located about midway between Tulsa and Oklahoma City. Benefits Apache offers medical, dental and vision coverage. The company believes in paying for performance, and this philosophy is embodied in competitive base salaries and generous incentive plans. Growth in base pay will reflect the individual's performance and growth in their contribution to the success of the company. In addition, variable incentives are offered to reward both individual, organization, and corporate performance and achievement. Stock options are also awarded annually. Apache provides two retirement plans to help employees build long-term financial security: - 401(k) Savings Plan ­ Allows employees to defer up to 25% of their salary on a pre-tax basis (subject to IRS limitations). The company matches the employee's contribution, up to 6% of salary, dollar for dollar. The plan is administered by Fidelity Investments, and employees have the flexibility to direct the investment of both their contributions and the company match among a range of investment options with Fidelity. Vesting of the company match is at 20% per year. - Money Purchase Retirement Plan ­ Each year Apache contributes 6% of the employee's prior year earnings (base pay, annual incentive bonus and overtime, if applicable) to a retirement savings account, again managed through Fidelity Investments. As with the 401(k) plan, employees may choose how the contributions are invested the options offered by Fidelity. Vesting of the company contribution is at 20% per year. Alternative Work Schedule A compressed work week is available at the Houston and Tulsa offices: 9 hour days Monday through Thursday, and 4 hours on Friday. Flextime is available to accommodate childcare, educational or medical needs whenever possible. The extent of the flextime offering may vary from group to group, depending on operating needs. Employee Time-Off Exempt employees receive 3 weeks of annual vacation and nonexempt employees receive 2 weeks (increasing to 3 weeks after 5 years). Vacation allotment increases with company service to 4 weeks after 10 years and 5 weeks after 20 years. Apache provides 10 paid holidays each year: 7 fixed and 3 floating. Depending upon date of hire, the number of floating holidays credited to new employees is allocated in accordance with a published schedule. 48 hours of paid sick leave are available each year for illness or for the care of spouse or children. Updated February 28, 2008