EXHIBIT 99.2



APACHE / EXXONMOBIL VENTURE

o      PERMIAN

                  o        Apache to acquire 28 WTX fields with net production
                           of 8,300 bopd & 10 MMcfpd (Apache estimated proved
                           reserves of 63.3 MMboe)

                  o        ExxonMobil to retain price upside on half the oil
                           production thru 2009

o      CANADA

                  o        Apache to farm into approx. 300,000 undeveloped acres

                  o        Apache to drill 250 wells over 2 yrs; right to drill
                           additional wells

                  o        ExxonMobil to retain 37.5% royalty on approx. 230,000
                           fee acres & 35% working interest on approx. 60,000
                           Crown acres

o      GULF COAST

                  o        Apache to lease 50% of its rights below existing
                           production to ExxonMobil for 5 years

                           o        260,000 onshore S. Louisiana fee acreage
                                    retaining a 20% royalty

                           o        128 offshore blocks in Gulf of Mexico
                                    retaining a 3% ORRI

                  o        ExxonMobil has right to extend lease for 5 years
                           under certain conditions

o      CASH CONSIDERATION

                  o        Apache to pay $385 MM to ExxonMobil; April 1
                           effective date