Apache was founded by Raymond Plank, Charles Arnao and Truman Anderson on December 6, 1954 and is headquartered in Houston, TX.“
Since 1954, our team has been unified by our values, our commitment to building shareholder value, and our culture, which empowers every employee to make decisions and achieve the company’s goals.
Apache Oil Corporation finished its first producing oil well in 1955 in Cushing, Oklahoma.
Although the well only churned out a paltry seven barrels per day, Apache's second attempt resulted in a well that generated more than 30 barrels an hour. As a result of a few successful drilling ventures, the company was able to report a net profit of $12,535 in 1955 from sales of $190,000.
The company generated revenues of $630,000 in 1956, wowing its investors with solid returns.
By 1959 the enterprise had expanded into 23 states and two Canadian provinces.
1963: Cofounder Raymond Plank gains full management control of the company.
In addition, Plank invited his old roommate Fields to join the company's board in 1973--Fields and Plank had remained good friends throughout the years. 'Who can turn down an invitation like that,' said Fields.
In 1977 the company established a timetable for the sale of most of Apache's remaining subsidiaries, a move that would also increase funding for oil and gas development.
1981: Apache Petroleum Company, the first publicly traded master limited partnership, is created as an investment vehicle.
The company recorded its first full-year loss, of $10.9 million, in 1986.
Distressed by both Apache's rapid transition out of its core business and its negative earnings--in 1987 Apache posted a $71 million net loss--investors registered their concerns on Wall Street.
Apache's new strategy allowed it to discredit its detractors as sales shot up 74 percent in 1989, to $247 million, and net income lurched to $22.1 million.
In 1990, moreover, sales and income reached a record $273 million and $40.3 million.
1991: Apache purchases oil and gas properties, which include 111 million barrels of reserves, from Amoco Production Company for $546 million.
In 1994, however, Apache agreed to purchase a one-third interest in an exploratory offshore venture in eastern China's Bohai Bay.
1994: Apache acquires 315 oil and gas fields from Texaco for $571 million, and acquires Calgary-based DEKALB Energy Company for $285 million.
Apache obtained its first operations in Poland in April 1997 when it gained operatorship and a 50 percent interest in more than 5.5 million acres near Lublin, southeast of Warsaw.
Plank had anticipated in mid-1997 that the industry was headed for another downturn (although not one as severe as actually took place), and began to take measures to survive the coming storm.
He told the Wall Street Journal in late 1999 that the top oil companies '[are] always going to need someone to take their second-hand clothes.' Apache had built its large reserve base by acquiring 'second-hand' properties, mainly during industry downturns when prices were low.
DealBookBP Plans to Be ‘More Focused’ After Asset SalesBP expects to be “more focused” after it completes $25 billion to $30 billion in asset sales.By Chris V. NicholsonJuly 27, 2010
DealBookApache to Sell Gulf of Mexico Shelf Unit for $3.75 BillionThe Apache Corporation agreed to sell its business in the Gulf of Mexico’s shelf for about $3.75 billion to a company owned by the private equity firm Riverstone Holdings.By Michael J. de la MercedJuly 18, 2013
In 2021, Apache Corporation moved to a holding company structure under APA Corporation, the public company trading on the Nasdaq stock exchange.
© 2022 APA Corporation.
|Company Name||Founded Date||Revenue||Employee Size||Job Openings|
|BP America Inc||1909||$183.5B||70,100||-|
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