EXHIBIT 12.1

APACHE CORPORATION
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(In thousands, except ratio data)

(Unaudited)	2009		2008		2007		2006		2005
EARNINGS
Pretax income from continuing operations	$	326,391		932,392	$	4,672,612	$	4,009,595	$	4,206,254
Add: Fixed charges excluding capitalized interest		285,816		214,288		258,221		178,399		138,399
Adjusted Earnings	$	612,207	$	1,146,680	$	4,930,833	$	4,187,994	$	4,344,653
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Interest expense including capitalized interest (1)	$	309,619	$	280,457	$	308,235	$	217,454	$	175,419
Amortization of debt expense		5,553		3,689		3,310		2,048		3,748
Interest component of lease rental expenditures (2)		31,197		24,306		22,424		20,198		16,220
Fixed charges		346,369		308,452		333,969		239,700		195,387
Preferred stock dividend requirements (3)		12,105		7,438		9,437		8,922		9,105
Combined Fixed Charges and Preferred Stock Dividends (1).	$	358,474	$	315,890	$	343,406	$	248,622	$	204,492
Ratio of Earnings to Fixed Charges		1.77		3.72		14.76		17.47		22.24
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		1.71		3.63		14.36		16.84		21.25

(1)	Interest expense related to the provisions for uncertainty in income taxes under ASC Topic 740, “Income Taxes” is not included in the computation of ratios of earnings to fixed charges and combined fixed charges and preferred stock dividends.
(2)	Represents the portion of rental expense assumed to be attributable to interest factors of related rental obligations determined at interest rates appropriate for the period during which the rental obligations were incurred. Approximately 32 to 34 percent of rental payments applies for all periods presented.
(3)	The Company does not receive a tax benefit for its preferred stock dividends. This amount represents the pre-tax earnings that would be required to cover its preferred stock dividends.