HOUSTON, March 3 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE:APA) today announced that it has achieved its goal of doubling its share price in less than three years, adding approximately $19 billion in shareholder value.
Approximately 2,800 employees will share in the achievement through special incentives in the form of Apache common stock with a total value of about 1 percent of the growth in market capitalization.
"The recently completed year was remarkable for Apache, its employees and investors on a number of fronts," said G. Steven Farris, Apache's president and chief executive officer. "Apache established new records for production, reserves, net income and cash from operations. The year also brought several important discoveries in our core growth areas of Australia, Canada and Egypt which we expect to propel our growth in future years.
"The effort and dedication by Apache employees -- buoyed by our strong culture and our values of integrity, respect for human dignity, work ethic and sense of urgency -- fueled these results," Farris said.
"On Feb. 29, Apache's employees achieved what was once thought to be an impossible dream: doubling the company's share price in less than three years," Farris said. The stock closed at $114.71, up from $56.73, the close on May 5, 2005, the day shareholders approved the Share Appreciation Plan.
More than 90 percent of the incentives will be paid to non-executive employees. People employed at Apache when the program began will receive shares equivalent to at least 50 percent of their annual salaries at that time; those hired later (but before July 1, 2007) will receive prorated awards. A total of about 2 million shares will be paid in four annual installments, providing a strong retention incentive.
To read a letter about the Share Appreciation Plan from Farris and Apache Chairman and Founder Raymond Plank to Apache's shareholders, please visit the company's Web site, http://www.apachecorp.com.
Apache Corporation discovers and produces oil and gas in the United States, Canada, the United Kingdom sector of the North Sea, Egypt, Australia and Argentina.
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. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our 2007 Form 10-K and on our Web site. 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. We assume no duty to update these statements as of any future date.
Source: Apache Corporation