Exhibit 99.1

CONTACTS:
(Media):	Bill Mintz	(713) 296-7276
	Robert Dye	(713) 296-6662
(Investor):	Tom Chambers	(713) 296-6685
(Web site):	www.apachecorp.com

FOR RELEASE AT 7:45 A.M. CENTRAL TIME

RECORD PRODUCTION FUELS APACHE’S SECOND-QUARTER RESULTS

     Houston, July 30, 2009 — Apache Corporation (NYSE, Nasdaq: APA) today reported record worldwide oil and natural gas production of 587,400 barrels of oil equivalent (boe) per day in the second quarter, up 7.1 percent from the first quarter and 6.5 percent from the prior-year period.

     Apache reported net income of $443 million, or $1.31 per diluted common share, compared with $1.4 billion, or $4.28 per share, in the prior-year period. Second-quarter cash from operations before changes in operating assets and liabilities* totaled $1.26 billion, compared with $2.3 billion in the prior-year period.

     Apache’s second-quarter adjusted earnings,* which exclude certain items that impact the comparability of operating results, totaled $474 million, or $1.41 per share, compared to adjusted earnings of $1.44 billion, or $4.28 per share, in the prior-year period.

     “The strength of Apache’s geological and geographical diversity, along with our balanced product mix, fueled our second-quarter results,” said G. Steven Farris, chairman and chief executive officer.

     “Initial production from development projects in the Gulf of Mexico and the Western Desert of Egypt, combined with rebounding oil prices, more than offset the continuing deterioration of North American natural gas prices during the quarter,” he said. “With continued drilling successes in Egypt, the Gulf and the North Sea, Apache has strong momentum going into the second half of the year.”

     Oil production comprised 48 percent of Apache’s worldwide output, but 72 percent of oil and gas revenues. The company’s oil and gas revenue per boe increased 19 percent from the first quarter. Apache received an average of $58.15 per barrel of oil, up 37 percent from the first quarter, and $3.48 per

thousand cubic feet of gas, down 9 percent from the first quarter. Prices for both commodities were substantially below year-earlier levels.

     “Our regions’ focus on driving down lifting costs has resulted in lower costs on a boe basis for two quarters in a row, including a 6-percent decline from the first quarter to the second,” Farris said.

     Recent drilling and operational highlights included:

• The Falcon-1x discovery in Egypt’s Matruh Concession tested 4,400 barrels per day from the Lower Cretaceous Alam El Buieb formation, with production expected to commence in the third quarter. The well also tested an aggregate of 46 million cubic feet of gas (MMcf) and 2,368 barrels of condensate per day from two other zones that will not be produced until additional processing and transportation capacity is developed.

• The Hydra-5x, an appraisal well in Egypt’s Shushan Concession, tested 21 MMcf and 3,744 barrels of condensate per day from the Jurassic Upper Safa formation. The Hydra field is expected to be developed after completion of a gas sales agreement with the Egyptian General Petroleum Corp.

• Three new horizontal wells in the Horn River shale gas play in northeast British Columbia had initial gross production rates of about 16 MMcf per day each, strengthening estimates that individual wells in the play potentially can recover about 10 billion cubic feet (Bcf) of natural gas. Apache and EnCana each have a 50-percent interest in a joint venture that holds approximately 425,000 acres at Horn River.

• In the North Sea, the Forties Charlie 6-3 well commenced production at a rate of 10,500 barrels per day. The well is the seventh development well brought on production at Forties in 2009; its initial production rate is the field’s highest since 1994.

• In Egypt, Apache ramped up production through two new processing trains at the Salam gas plant and is expected to reach gross production capacity of 200 MMcf and 10,000 barrels of condensate per day during the third quarter.

• The deepwater Geauxpher Field at Garden Banks Block 462 — in water 2,700 feet deep about 150 miles off the Louisiana coast in the Gulf of Mexico — came on line May 15 and produced

a total of 4.3 Bcf by June 30. The field is currently producing 105 MMcf per day from two wells. Apache has a 40-percent interest in the field.

     “Apache’s strong financial position — with debt at 25 percent of capitalization and $772 million of cash on the balance sheet — provides many avenues for continued growth, either through our deep inventory of drilling prospects or through acquisitions,” Farris said.

     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.

-end-

* Adjusted earnings and cash from operations before changes in operating assets and liabilities are non-GAAP measures. Please see reconciliations below.

     NOTE: Apache will conduct a conference call to discuss its second-quarter results at 1 p.m. Central time on Thursday, July 30. The call will be webcast from Apache’s Web site, http://www.apachecorp.com. The webcast replay and podcast will be archived on Apache’s Web site. The conference call will be available for playback by telephone for one week beginning at approximately 3 p.m. on July 30. To access the telephone playback, dial (719) 457-0820 and provide Apache’s confirmation code, 4860120.

     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 most recently filed Annual Report on Form 10-K, on our Web site and in our other public filings and press releases. 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.

APACHE CORPORATION
FINANCIAL INFORMATION
(In thousands, except per share data)

	For the Quarter					For the Six Months
	Ended June 30,					Ended June 30,
	2009		2008			2009			2008
REVENUES AND OTHER:
Oil and gas production revenues	$	2,074,344	$	3,904,118		$	3,677,958		$	7,082,067
Other		19,034		(3,927	)		49,245			5,865
		2,093,378		3,900,191			3,727,203			7,087,932
COSTS AND EXPENSES:
Depreciation, depletion and amortization
Recurring		573,359		627,668			1,153,976			1,248,157
Additional		—		—			2,818,161			—
Asset retirement obligation accretion		26,483		25,679			53,221			52,176
Lease operating expenses		405,273		446,738			802,762			901,376
Gathering and transportation		33,479		39,767			66,818			80,743
Taxes other than income		115,941		298,548			203,280			541,126
General and administrative		90,905		78,872			175,951			161,295
Financing costs, net		61,155		39,050			119,742			83,303
		1,306,595		1,556,322			5,393,911			3,068,176
INCOME (LOSS) BEFORE INCOME TAXES		786,783		2,343,869			(1,666,708	)		4,019,756
Current income tax provision		218,247		702,106			220,741			1,189,906
Deferred income tax provision (benefit)		123,816		196,534			(575,229	)		363,108
NET INCOME (LOSS)		444,720		1,445,229			(1,312,220	)		2,466,742
Preferred stock dividends		1,420		1,420			2,840			2,840
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	$	443,300	$	1,443,809		$	(1,315,060	)	$	2,463,902
NET INCOME (LOSS) PER COMMON SHARE:
Basic	$	1.32	$	4.32		$	(3.92	)	$	7.38
Diluted	$	1.31	$	4.28		$	(3.92	)	$	7.32
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		335,637		334,208			335,372			333,801

APACHE CORPORATION
FINANCIAL INFORMATION
(In thousands, except per share data)

	For the Quarter				For the Six Months
	Ended June 30,				Ended June 30,
	2009		2008		2009			2008
FINANCIAL DATA:
Revenues and other	$	2,093,378	$	3,900,191	$	3,727,203		$	7,087,932
Income (Loss) Attributable to Common Stock	$	443,300	$	1,443,809	$	(1,315,060	)	$	2,463,902
Basic Net Income (Loss) Per Common Share	$	1.32	$	4.32	$	(3.92	)	$	7.38
Diluted Net Income (Loss) Per Common Share	$	1.31	$	4.28	$	(3.92	)	$	7.32
Weighted Average Common Shares Outstanding		335,637		334,208		335,372			333,801
Diluted Shares Outstanding		337,365		337,676		335,372			336,802

	June 30,		December 31,
	2009		2008
BALANCE SHEET DATA:
Cash and Cash Equivalents	$	771,557	$	1,181,450
Short-term Investments		—		791,999
Other Current Assets		2,713,528		2,477,525
Property and Equipment, net		22,290,308		23,958,517
Restricted Cash		—		13,880
Goodwill		189,252		189,252
Other Assets		437,282		573,862
Total Assets	$	26,401,927	$	29,186,485
Current Liabilities	$	1,808,355	$	2,520,435
Long-Term Debt		4,954,667		4,808,975
Deferred Credits and Other Noncurrent Liabilities		4,680,210		5,348,354
Shareholders’ Equity		14,958,695		16,508,721
Total Liabilities and Shareholders’ Equity	$	26,401,927	$	29,186,485
Common shares outstanding at end of period		335,747		334,710

	For the Quarter				For the Six Months
	Ended June 30,				Ended June 30,
	2009		2008		2009		2008
COSTS INCURRED: (1)
North America exploration and development	$	376,497	$	801,279	$	881,813	$	1,544,635
International exploration and development		506,229		682,766		993,011		1,291,229
	$	882,726	$	1,484,045	$	1,874,824	$	2,835,864
Oil and gas property acquisitions	$	188,480	$	142,848	$	248,505	$	150,795

(1) Includes noncash asset retirement costs and capitalized interest as follows:

Capitalized interest	$	14,972	$	17,878	$	30,981	$	35,056
Asset retirement costs	$	34,098	$	86,434	$	93,703	$	171,506

APACHE CORPORATION
FINANCIAL INFORMATION

	For the Quarter				For the Six Months
	Ended June 30,				Ended June 30,
	2009		2008		2009		2008
PRODUCTION AND PRICING DATA:
OIL VOLUME — Barrels per day
United States		88,530		100,049		87,642		100,364
Canada		15,833		17,746		16,090		17,547
North America		104,363		117,795		103,732		117,911
Egypt		95,359		64,886		89,475		63,718
Australia		10,478		8,367		9,164		8,894
North Sea		59,688		56,570		60,089		57,670
Argentina		11,948		12,067		12,192		12,146
International		177,473		141,890		170,920		142,428
Total		281,836		259,685		274,652		260,339
AVERAGE OIL PRICE PER BARREL
United States	$	57.00	$	97.64	$	49.95	$	90.59
Canada		55.17		119.16		46.49		106.33
North America		56.72		100.88		49.41		92.93
Egypt		60.30		126.20		51.90		112.28
Australia		63.01		133.79		49.74		116.78
North Sea		58.77		121.10		51.51		108.23
Argentina		46.17		50.12		46.73		47.61
International		58.99		118.14		51.28		105.41
Total		58.15		110.32		50.57		99.76
NATURAL GAS VOLUME — Mcf per day
United States		662,834		758,524		637,894		751,269
Canada		373,796		357,828		365,551		359,289
North America		1,036,630		1,116,352		1,003,445		1,110,558
Egypt		376,737		233,793		347,443		238,385
Australia		161,069		129,531		151,607		160,355
North Sea		2,645		2,507		2,663		2,556
Argentina		192,542		197,284		192,250		181,209
International		732,993		563,115		693,963		582,505
Total		1,769,623		1,679,467		1,697,408		1,693,063
AVERAGE NATURAL GAS PRICE PER MCF
United States	$	3.88	$	10.62	$	4.21	$	9.50
Canada		3.86		9.63		4.26		8.59
North America		3.88		10.30		4.23		9.21
Egypt		3.85		6.26		3.73		5.72
Australia		1.82		2.17		1.71		2.14
North Sea		12.24		21.90		9.82		19.05
Argentina		1.89		1.39		1.94		1.60
International		2.92		3.69		2.82		3.51
Total		3.48		8.09		3.65		7.25
NGL VOLUME — Barrels per day
United States		5,483		7,231		5,198		7,236
Canada		2,052		1,868		2,082		2,052
North America		7,535		9,099		7,280		9,288
Argentina		3,091		2,905		3,114		2,812
Total		10,626		12,004		10,394		12,100
AVERAGE NGL PRICE PER BARREL
United States	$	27.36	$	65.27	$	25.90	$	61.32
Canada		24.23		59.26		22.40		56.05
North America		26.50		64.04		24.90		60.15
Argentina		15.91		32.31		16.51		39.98
Total		23.42		56.36		22.39		55.46

APACHE CORPORATION
FINANCIAL INFORMATION
(In thousands, except per share data)

NON-GAAP FINANCIAL MEASURES:

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:

• Management uses adjusted earnings to evaluate the company’s operational trends and performance relative to other oil and gas producing companies.

• Management believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings for items that may obscure underlying fundamentals and trends.

• The reconciling items below are the types of items management believes are frequently excluded by analysts when evaluating the operating trends and comparability of the company’s results.

	For the Quarter				For the Six Months
	Ended June 30,				Ended June 30,
	2009		2008		2009			2008
Income (Loss) Attributable to Common Stock (GAAP)	$	443,300	$	1,443,809	$	(1,315,060	)	$	2,463,902
Adjustments:
Foreign currency fluctuation impact on deferred tax expense		31,164		281		26,350			(12,079	)
Additional depletion, net of tax		—		—		1,981,398			—
Adjusted Earnings (Non-GAAP)	$	474,464	$	1,444,090	$	692,688		$	2,451,823
Adjusted Earnings Per Share (Non-GAAP)
Basic	$	1.41	$	4.32	$	2.07		$	7.35
Diluted	$	1.41	$	4.28	$	2.05		$	7.28
Average Number of Common Shares
Basic		335,637		334,208		335,372			333,801
Diluted		337,365		337,676		337,198			336,802

Reconciliation of net cash provided by operating activities to cash from operations before changes in operating assets and liabilities:

The press release discusses Apache’s cash from operations before changes in operating assets and liabilities. It is presented because management believes the information is useful for investors because it is used internally and widely accepted by those following the oil and gas industry as a financial indicator of a company’s ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt. It is also used by research analysts to value and compare oil and gas exploration and production companies, and is frequently included in published research when providing investment recommendations. Cash from operations before changes in operating assets and liabilities, therefore, is an additional measure of liquidity, but is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities.

The following table reconciles net cash provided by operating activities to cash from operations before changes in operating assets and liabilities.

	For the Quarter				For the Six Months
	Ended June 30,				Ended June 30,
	2009		2008		2009		2008
Net cash provided by operating activities	$	823,513	$	1,929,509	$	1,366,729	$	3,737,913
Changes in operating assets and liabilities		436,071		390,240		875,914		426,520
Cash from operations before changes in operating assets and liabilities	$	1,259,584	$	2,319,749	$	2,242,643	$	4,164,433