About the Company
Founded in 1954 in Minnesota, Minneapolis, Apache Corporation holds a spot in the prestigious Fortune 500 Companies list. It started as the Apache Oil Corporation with a fund of $250,000 and only six employees. As of 2020, it is a gas & oil exploration and production company with four operations located in the United States, Egypt, Suriname (only exploration activities), and the United Kingdom, with headquarters in Houston, Texas.
By the end of 2017, it had 1.175 billion barrels of oil (7.19×109 GJ), out of which 457 thousand barrels were produced that same year. The majority of its reserves are located in the Permian Basin, with a few in the Texas Panhandle, South Texas, and Oklahoma.
Apache was the first firm to register itself into a drilling program with the SEC (U.S. Securities and Exchange Commission) in 1956. From 1960-1980 it acted on its aim of diversification and acquired 58 different types of firms, including plastic, agriculture, lumber, utilities, cattle, telephone, steel, etc.
It formed Apexco (Apache Exploration Company) as its gas and oil operation company during 1971 and sold it to Natomas company in 1977. In 1991, its reserves doubled as it acquired assets from Amoco, including a place in the Permian Basin of West Texas and Eastern Mexico, one of the world’s largest oil provinces.
From 1981 through 2012, Apache had 12 significant acquisitions. Of these, the ones that stand out are the acquisition of Fortis Field in the United Kingdom’s North Sea in 2003, its merger with Mariner Energy, and its purchase of the Mobil North Sea Limited assets of ExxonMobil Corporation.
In 2013, it became the first to use natural gas to power hydraulic fracturing.
The company entered NYSE (New York Stock Exchange) and went public in 1969 under the symbol APA. It was almost 28 years from then, the company was indexed into the S&P 500 companies’ list in 1997. Apache share price on its first-day opening was $30.50 per share, and on 20th May 2008, reached historic heights at $146.8. Its shares were distilled from the NYSE and got solely listed in NASDAQ in 2020.;
Organisation | Apache Corp |
Industry | Oil & Gas E&P |
HeadQuarters | Houston, TX |