EXHIBIT 99.2

CONTACTS:
---------
(MEDIA):            TONY LENTINI        (713)296-6227
                    BILL MINTZ          (713)296-7276
                    DAVID HIGGINS       (713)296-6690

(INVESTOR):         BOB DYE             (713)296-6662

(WEB SITE):         www.apachecorp.com

                                                           FOR IMMEDIATE RELEASE
                                                           ---------------------

                  APACHE ANNOUNCES PRICING OF EQUITY OFFERING

     HOUSTON, January 16, 2003 -- Apache Corporation (NYSE: APA) today announced
that it has priced its offering of 8,200,000 shares of common stock at a public
offering price of $61.00 per share. Apache has granted the underwriters an
option to purchase an additional 1,230,000 shares of common stock to cover
over-allotments, if any. The common stock is expected to be issued on January
22, 2003, subject to customary conditions.

     Morgan Stanley & Co. Incorporated is acting as lead manager.

     Apache Corporation is a large oil and gas independent with existing core
operations in the United States, Canada, Egypt, Western Australia and China.

     This press release does not constitute an offer to sell or a solicitation
of an offer to buy the securities described herein, nor shall there be any sale
of these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities law of any such jurisdiction. The offering may only be made
by means of a prospectus and related prospectus supplement, copies of which may
be obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, NY
10036.


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