Exhibit 99.1

 

LOGO    NEWS RELEASE

Apache Corporation Announces Fourth-Quarter and Full-Year 2020

Financial and Operational Results

Fourth-Quarter Highlights

 

   

Reported production of 411,000 barrels of oil equivalent (BOE) per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 365,000 BOE per day;

 

   

Delivered net cash from operating activities of $498 million and adjusted EBITDAX of $630 million;

 

   

Exceeded fourth quarter adjusted production guidance; delivered upstream capital investment and LOE below guidance; and

 

   

Continued exploration success with three oil discoveries in Suriname, Egypt and North Sea at Keskesi, Tayim-North and Losgann prospects, respectively.

Full-Year 2020 Highlights

 

   

Responded quickly and decisively to the COVID-19 pandemic, successfully protected employees, minimized operational disruptions and preserved the balance sheet;

 

   

Decreased upstream capital investment by 58% year over year; achieved annual run-rate cost savings associated with organizational redesign in excess of $400 million;

 

   

Achieved a 100% success rate on Block 58 exploration drilling campaign offshore Suriname;

 

   

Significantly improved short-term debt profile by reducing Apache bond maturities to only $337 million prior to November 2025; and

 

   

Increased ESG short-term incentive compensation weighting from 10% to 20% and refined our focus areas to air, water, communities and people.

2021 Outlook

 

   

Planning 2021 upstream capital investment budget of $1.1 billion, representing a measured increase of 11% from 2020 actuals; program expected to deliver substantial free cash flow at current strip prices;

 

   

Projecting a modest 4Q 2020 to 4Q 2021 decline in adjusted oil production of approximately 1%; and

 

   

Established compensation-linked ESG goals tied to emissions and water-use targets, including a goal to eliminate routine U.S. onshore flaring by the end of 2021.

HOUSTON, Feb. 24, 2021 – Apache Corporation (Nasdaq: APA) today announced its financial and operational results for the fourth-quarter and full-year 2020.

Apache reported net income attributable to common stock of $10 million, or on a fully diluted basis, a loss of $16 million or $0.04 per share during the fourth-quarter 2020. When adjusted for certain items that impact the comparability of results, Apache’s fourth-quarter loss totaled $20 million or $0.05 on a diluted share basis. Net cash provided by operating activities in the fourth quarter was $498 million, and adjusted EBITDAX was $630 million.

 

LOGO


The following information was filed by Apache Corp (APA) on Thursday, February 25, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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