Apache Corporation (APA) 2009年年度報告「NYSE」.pdf

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1、whats exploringpossibleAnnual Report 2009summary2000 Post Oak Boulevard,Suite 100 Houston,Texas 77056-4400www.aPacHecOrP.cOmapache corporationDoubleD ApAches size AnD significAntly increAseD permiAn bAsin oil proDuctiona STrOng,deTermined Team,a Balanced POrTfOliO and a recOrd Of imPacTful exPlOraTi

2、On Have PrOduced lOng-Term grOwTH fOr Our SHareHOlderS.1991 1993 1994 1995 1996 first significAnt internAtionAl presence in AustrAliAHadSOnmwegypt Discovery well testeD 12,000 bArrels per DAy Qarun diScOveryestAblisheD cAnADiAn presencedeKalBexpAnDeD presence in egypts western DesertPHOenix reSOurce

3、SexPlOraTiOnacQuiSiTiOnSmarKeT cOnTexTshareholderinformationThe Company has paid cash dividends on its common stock for 45 consecutive years through Dec.31,2009.Future dividend payments will depend upon the Companys level of earnings,financial requirements and other relevant factors.Apache common st

4、ock is listed on the New York and Chicago stock exchanges and the NASDAQ National Market(symbol APA).At Dec.31,2009,the Companys shares of common stock outstanding were held by approximately 5,800 shareholders of record and 442,000 beneficial owners.Also listed on the New York Stock Exchange are:ApA

5、che FinAnce cAnAdAs 7.75%notes,due 2029(symbol ApA 29).2009HigHlOwdeclaredPaidFirst Quarter$88.07$51.03$0.15$0.15Second Quarter87.0461.600.150.15Third Quarter95.7765.020.150.15Fourth Quarter106.4688.060.150.152008First Quarter$122.34$84.52$0.25$0.25Second Quarter149.23117.650.150.15Third Quarter145.

6、0094.820.150.15Fourth Quarter103.1757.110.150.15Price rangedividendS Per SHareannual meeTingApache will hold its annual meeting of shareholders on Thursday,May 6,2010,at 10:00 a.m.in the Ballroom,Hilton Houston Post Oak,2001 Post Oak Boulevard,Houston,Texas.Apache plans to web cast the annual meetin

7、g live;connect through the Apache web site:STOcK Held in“STreeT name”The Company maintains a direct mailing list to ensure that shareholders with stock held in brokerage accounts receive information on a timely basis.Shareholders wanting to be added to this list should direct their requests to:apach

8、es public affairs Department 2000 Post Oak Boulevard,Suite 100 Houston,Texas 77056-4400or by calling 713.296.6157or by registering on Apaches Web site:fOrm 10-K reQueSTShareholders and other persons interested in obtaining,without cost,a copy of the Companys Form 10-K filed with the Securities and E

9、xchange Commission may do so by writing to:cheri l.peper,corporate secretary2000 Post Oak Boulevard,Suite 100 Houston,Texas 77056-4400inveSTOr relaTiOnSShareholders,brokers,securities analysts or portfolio managers seeking information about the company are welcome to contact:thomas p.chambers,Vice p

10、resiDentplanning anD inVestor relations713.296.6685.Members of the news media and others seeking information about the company should contact:apaches public affairs Department at 713.296.7276.weB SiTcOrPOraTe OfficeSone post oak central 2000 Post Oak Boulevard,Suite 100 Houston,Texas 77056-4400 713.

11、296.6000indePendenT PuBlic accOunTanTSernst&young llp fiVe houston center1401 McKinney Street,Suite 1200 Houston,Texas 77010-2007STOcK TranSfer agenT and regiSTrarwells fargo bank,n.a.attn:shareowner serVicesPO Box 64854 South St.Paul,Minnesota 55164-0854 651.450.4064 or 800.468.9716Communications c

12、oncerning the transfer of shares,lost certificates,dividend checks,duplicate mailings or change of address should be directed to the stock transfer agent.Shareholders can access account information on the Web site:dividend reinveSTmenT PlanShareholders of record may invest their dividends automatica

13、lly in additional shares of Apache common stock at the market price.Participants may also invest up to an additional$25,000 in Apache shares each quarter through this service.All bank service fees and brokerage commissions on purchases are paid by Apache.A prospectus describing the terms of the Plan

14、 and an authorization form may be obtained from the Companys stock transfer agent,Wells Fargo Bank,N.A.direcT regiSTraTiOnShareholders of record may hold their shares of Apache common stock in book-entry form.This eliminates costs related to safekeeping or replacing paper stock certificates.In addit

15、ion,shareholders of record may request electronic movement of book-entry shares between your account with the Companys stock transfer agent and your broker.Stock certificates may be converted to book-entry shares at any time.Questions regarding this service may be directed to the Companys stock tran

16、sfer agent,Wells Fargo Bank,N.A.19911993199419951996199819992000200120022003major gas discovery in australia reindeerexpanded presence in gulf of mexicoshelloffshoresignificant exploration acreage and oil-producing assetsshellcanadamajor canadian gas discovery tests 31 mmcf per dayladyfernBecame 100

17、%owner and operator of Khalda-area concessions in egyptrepsolravensworth oil discovery opens door for pyrenees development,offshore australiapyreneesoil discovery in australias exmouth BasinvangoghestaBlished north sea presence;modernized facilities,increased productionfortiesegyptian gas discovery

18、with 700-foot gas column tested 52 mmcf,2,700 Barrels per dayqasr2009 summary annual report1businesscontextshareholderletterg.stevenfarrisChairman and Chief executive officeracquisitionsasourcompanyevolvedfromasmalldrillingprogramcompanytoanexplorerwithglobalreach,theapacheteamhasstretchedthelimitso

19、fwhatspossiblethroughdetermination,adaptability,discipline,asenseofurgencyandalong-termperspective.Weve been exploring whats possiblesince 1954explorationexploring whats possible220062007at apache,exploring whats possible has many dimensions:discovering new resources,developing ways to operate more

20、efficiently,innovating,and expanding markets.It describes our commitment to delivering consistent profitable growth for the long-term benefit of our shareholders as we continue our evolution from a start-up drilling program company into an independent,international exploration and production company

21、 with a critical mass of acreage and production base in the United States,Australia,Canada,Egypt,the United Kingdom sector of the North Sea and Argentina.And,at a time of unprecedented change across the globe,it describes our culture,built on a sense of urgency,discipline,innovation and spirit.Explo

22、ring whats possible also frames the decisions we make to respond to changes in the near-term operating and economic environment.in 2009,the dramatic decline in oil and gas prices and the global financial crisis provided the backdrop for our primary objective:to live within our reduced cash flow in o

23、rder to preserve financial flexibility.In the face of curtailed activity to achieve this objective,Apache delivered record annual average productionup 9 percent from 2008and still added slightly more reserves than we produced,excluding revisions.Lower oil and gas prices impacted Apaches financial re

24、sults,requiring us to reduce the carrying value of oil and gas properties and resulting in a$1.98-billion non-cash after-tax charge to earnings during the first quarter.However,with rebounding oil prices and higher production,earnings strengthened throughout the remainder of the year,reducing Apache

25、s net loss to$292 million or 87 cents per diluted common share for the year.Absent the write-down and other items that impact the comparability of results,Apaches adjusted earnings totaled$1.9 billion or$5.59 per share.*Cash flow from operations before changes in operating assets and liabilities tot

26、aled$5 billion.*The catalyst for both our production growth and the rebound in our financial results was our portfolio approach,which provides for a balance of oil and natural gas production,fellow shareholders,two acquisitions estaBlish significant presence in south americaargentinafirst production

27、 at ootla unlocKed major canadian shale gas Basinhornriverwestern australia gas discovery tested 85 mmcf per dayjulimar*Non-GAAP financial measures.Please see measures and reconciliations,page 28.2009 summary annual report320082009regional core areas and geological diversity.This offers multiple opp

28、ortunities for growth and adaptation in an ever-changing environment.our financial flexibility,the result of years of hard work and discipline,permits apache to pursue large-scale developments,higher-risk,higher-reward exploration and when appropriatevalue-creating acquisitions.Our current productio

29、n base provides the cash flow required for the capital investments needed to develop our discoveries.For example,production from the Qasr FieldApaches largest discoveryand commencement of production from the Van Gogh and Pyrenees oil developments in Australia will generate cash flow that will fund t

30、he next round of investments,including our participation in Chevrons Wheatstone liquefied natural gas(LNG)hub,which will provide a market for our Julimar and Brunello discoveries.Gas production in the Horn River Basin shale play in Canada is expected to begin ramping up as Apaches teams apply techno

31、logical innovations to complete wells more quickly and at lower cost.We are also planning an active horizontal drilling program in the Granite Wash tight sands play in Oklahoma and the Texas Panhandle.Apaches investments in unconventional natural gas plays such as Horn River Basin and Granite Wash a

32、re parts of the larger expansion of gas resources that will provide North America with a way to reduce greenhouse gas emissions in a cost-effective manner.We anticipate that higher production will generate adequate cash flow to support our higher activity level compared to 2009.However,it appears to

33、 us that the economic recovery is fragile at best and the near-term global outlook is uncertain.We will review drilling and development capital on an ongoing basis and adjust to match conditions and our opportunity set.With$2 billion of cash and additional liquidity from our credit facilities,we hav

34、e ample flexibility to pursue additional exploration activity or opportunistic value-adding acquisitions.first deepwater gulf of mexico discovery geauxpherjurassic oil discovery opens new play in egypts faghur Basinphiopshorizontal drilling reinvigorates anadarKo Basin play;apache controls 200,000 a

35、cresgranitewashwestern australia discovery tests 68 mmcf of gas per dayhalyardacquisitionsexplorationexploring whats possible4g.stevenfarrisChairman and Chief executive officerAt Apache,key decisions,such as our establishing the objective of living within cash flow,are made by the Office of the Chie

36、f Executive Officer,based on our assessments of short-term external factors and long-term trends measured against Apaches strengths and capabilities.Because John Crum,Rod Eichler and Roger Plank focus on certain areas of the organization while maintaining a broad perspective,I value their insights a

37、s we make decisions to deploy capital and explore new opportunities.We have time-tested management systems that provide a uniform system of measuring success across Apache.New leadership in most of our regions and increased mobility for our technical personnel spreads our unique culture and strength

38、ens our knowledge and experience.On a macro level,a number of trends are likely to have significant impact on the upstream oil and gas industry in the years to come:Demand for our products will continue to grow,even in times of economic weakness,because billions of people are seeking to improve thei

39、r living standards.in asia,new citieswith skyscrapers,factories and unfathomable congestionare sprouting up virtually overnight.in north america,the natural gas market has been transformed by recent improvements in horizontal drilling and completion technology that have opened up a 100-year resource

40、 with the potential to improve our energy security,create jobs and help achieve environmental and climate-change goals.Concern about the environment and climate change will result in policy changes that will affect the way energy is used and the way we operate.Apaches culture thrives on challenges s

41、uch as these and othersseeking larger exploration targets,investigating new markets,or innovating to improve our exploratory results and reduce costs.We set goals for our stewardship commitmentsfrom safe and environmentally responsible operations across our regions to improving the quality of life i

42、n our communitiesjust as we set goals for exploration and production activities and financial targets.In 2009,we achieved our goal of planting 1 million trees,and promptly established a new objective:planting 2 million more trees that will improve the quality of life in many communities.we like to s

43、ay we are exploring whats possible because it reflects who we arechallenging the status quo and adapting to changing circumstances while recognizing what works.Above all,we remain dedicated to delivering results and growing a profitable global exploration and production company for the long-term ben

44、efit of our shareholders.Thank you for your continued support.2009 summary annual report5australiaisamajorsourceofenergyandotherresourcesforboomingasianeconomies.apachesuppliesnaturalgastoaustraliasresourceindustriesandwillprovidelngfromitsjulimardiscovery.on aexploringglobal scaleexploring whats po

45、ssible6apacheisexploringasianmarKetsforgasfromthehornriverbasinandothercanadianplays.chinasprimaryenergydemand19972007(quadrillion btu)80706050403020102009 summary annual report7globalcontextinternationaloperationsrodneyj.eichlerCo-Chief operating officer and presidentinternationalApaches internatio

46、nal regions fueled the companys production growth in 2009 with a 21-percent increase in output.Foreign operating regions now contribute 52 percent of our worldwide production,setting us apart from most north american independents.Apaches spirit of discovery led us to seek opportunity in areas that h

47、ad typically been overlooked or were out of favor with the energy industry because others were doubtful of the areas exploration potential,governmental intervention or commodity markets that had not matured to reflect worldwide prices.But Apache,with a culture built on a sense of urgency and determi

48、nation,overcame obstacles and recognized long-term value.Twenty years after we planted the flag outside North America,Apaches international operations are an integral part of the companys continued growth.At the center of Apaches global portfolio strategy are management systems that provide real-tim

49、e feedback on how drilling and operating results are progressing throughout the year.These systems provide a framework for how success is measured,provide the basis for incentive compensation and hold all regions accountable to comparable standards.Apaches initial investments in new regions generall

50、y involve acreage that brings both a production base and an inventory of drilling prospects.Over time,acreage,seismic data and local experience blossom into larger exploration targets and more significant opportunities.with larger discoveries,time horizons and capital outlays have expanded.Apaches l

51、argest discovery to datethe Qasr Field in Egypts Western Desertrequired$1.3 billion of capital expenditures for processing and pipeline infrastructure to deliver the gas to the fast-growing Egyptian gas market.The new facilities were commissioned in 2009,and the field has current gross production of

52、 600 million cubic feet(MMcf)of gas and 27,000 barrels of condensate per day.Exploration has long been a large contributor to Apaches international growth.In the October 2009 Wood Mackenzie Exploration Service Corporate Benchmarking Report,Apache ranked first among the large independent peer group o

53、ver the last 10 years by generating exploration returns calculated at 30 percent.Within our peer group of large-cap U.S.-based independents,Apache ranks second in reserves added through drilling worldwide over the past three years.Apache has several foreign discoveries in the development phaseinclud

54、ing Julimar,Halyard and Reindeer in Australia and Phiops in Egyptthat will add meaningful production in the years to come.exploring whats possible8australiaAPACHE OPERATEDAPACHE NON-OPERATEDOIL FIELDGAS FIELDEXMOUTHONSLOWDAMPIERKARRATHALNG PLANTthecarnarvonbasininaustralia,whichwasoutoffavorwhenapac

55、hearrivedin1991,isanexampleofapacheseeingvaluewhereothersdidnot.Western Australias natural gas potential was recognized through a history of large discoveries,but Western Australian natural gas prices were low by worldwide standards,and the basin was generally underexplored.Nearly 20 years after our

56、 first investment in Australia,Apache has built a powerhouse region capable of driving impactful growth for the company.In 2009,the regions net output increased 40 percent.Production curtailed after the June 2008 explosion at Apaches Varanus Island processing facilities was fully restored in mid-200

57、9.Oil and gas production processed at the island surpassed pre-incident levels when new compression facilities were completed.The resource industry boom is driving domestic natural gas prices toward Asia/Pacific market levels.when our Devil Creek processing plant commences operation,apache will deli

58、ver more than 40 percent of western australias natural gas supplies.apache has an inventory of game-changing discoveriesincluding Van gogh,ravensworth,reindeer,macedon,halyard and Julimarthat will fuel growth as they are brought on production.productionatthevangoghandpyreneesoilprojectscommencedinea

59、rly2010,withproductionrampingupoverthefirsthalf.apachehasa55-percentinterestinthereindeerfield,whichisforecasttobeginproviding60mmcfofgasperday(gross)throughthedevilcreekprocessingplantin2011.inoctober2009,apacheagreedtosupplygasfromthejulimar/brunellodiscoveriestothechevron-operatedwheatstonelnghub

60、.webecameafoundationequitypartnerinwheatstone,whichisexpectedtoprovideanoutletforestimatedproductionof190mmcfofgasand5,100barrelsofoilperdayfor15years.delivering disCoveriesregional stats2009 Natural gas productioN2009 liquid hydrocarboN productioNproved reserves2009 Wells drilled/productivegross ac

61、reage184 MMcf/day9,779 bbls/day305 MMboe33/286.6 millionThe real Value of long-term Vision2009 summary annual report9EASTERN DESERTWESTERN DESERTAPACHE NON-OPERATEDAPACHE DEVELOPMENT LEASEAPACHE OPERATEDCAIROSINAIapachesexplorationteamshaveafielddayidentifyingprospectsinegyptswesterndesert.itisnotun

62、commonforasingleexplorationwelltoencountermultipleproductivezonesinthreemainhorizonstheuppercretaceous,lowercretaceousandjurassic.The upper Cretaceous Abu Roash and Bahariya formations from 5,000 to 8,000 feet are oil-bearing and excellent candidates for water floodsa proved secondary recovery techn

63、ique that we introduced in the Western Desert.Apache currently produces more than 90,000 barrels of oil per day(gross)from water floods in 51 separate Cretaceous fields across its acreage.The Alam el Buieb(AEB)lower Cretaceous formation from 8,000 to 12,000 feet contains both oil-and gas-condensate-

64、bearing horizons that require minimum completion expense.Among recent AEB discoveries,our newly discovered Phiops field stands out.Deep Jurassic zonesthe Safa formationslie below 12,000 feet and produce primarily natural gas and condensate,including Qasr and many discoveries in the 100-billion cubic

65、 foot range.In 2009,Apache commenced operation of two new gas processing trains and other infrastructure that brought Qasrs production to 600 MMcf of gas and 27,000 barrels of condensate per day.effective use of advanced 3-D seismic acquisition and processing methods have provided much-improved imag

66、es of the stacked-pay environment underlying a significant percentage of apaches acreage and helped apaches exploration teams unlock many of the remaining secrets of the deserts subsurface.the egypt region,withleaseholdencompassingmorethan10milliongrossacresinthewesterndesert,arelativelylow-costonsh

67、oreoperatingenvironment,amassivethree-dimensionalseismicdatabaseanddozensofhydrocarbon-bearinghorizonsbetween5,000and15,000feet,is the nations third-largest producer,the most active driller and the most successful explorer.theregionstypicaldrillingprogramexceedsthecombinedtotalofallwellsdrilledbyoth

68、eroperatorsinegyptswesterndesert.theregionisapacheslargestoilproducerandsecondlargestgasproducer.thecrownjewelofthe2009drillingprogramwasoursuccessfulexploitationofthe2008phiopsdiscovery,whichwewillcontinuetodevelopin2010.likemanyothers,thisdiscoveryfeaturedstackedproducingzones,includingsixintheaeb

69、andtwointhejurassic.grossproductionisexpectedtorisefrom8,100barrelsofoilperdaytoabout20,000barrelsperdayinthesecondhalfof2010withdevelopmentofadditionalinfrastructure.unlocking secretsin the desertegypts most aCtive exploreregyptexploring whats possible10apaches first discovery on the Qarun Concessi

70、ona non-operated well that tested 12,000 barrels per day in 1994provided a hint of the potential of the western Desert.eagertostepupthepaceandincreaseourexposuretomultipleproducingbasins,apachemergedwithourpartnerphoenixresourcecompaniesin1996atransactionthattripledourinterestintheqarunconcessionand

71、addeda40-percentinterestinseveralKhalda-areaconcessions.in2001,apacheacquiredrepsolsinterestatKhaldaandbecameoperatoroftheconcessionprovidingthefoundationtoexpandexplorationactivities.the2003qasrdiscoveryontheKhaldaoffsetconcessionstillstandsasapacheslargest.apachesgrossoperatedproductioninegypthasr

72、ocketedto162,000barrelsofoilandnearly700mmcfofgasperday.apache-operatedgrossproduction(thousand boe per day)969798990001020304050607080930025020015010050liquids gasregional stats2009 Natural gas productioN2009 liquid hydrocarboN productioNproved reserves2009 Wells drilled/productivegross acreage363

73、MMcf/day92,139 bbls/day309 Mmboe164/14711.1 millionextraCting dollars from dunes2009 summary annual report11northseaconsistentdrillingresultsandincreasedfieldefficiencyatapachesfortiesfieldenabledthenorthsearegiontorecorditsbestperformanceinfouryears,withproductionincreasing2percentin2009.The Charli

74、e 6-3 well initially produced at a rate of 10,500 barrels of oil per day in an area of the field that appeared to have been swept by millions of barrels of water over the past 30 years,proving again that there are often lucrative opportunities in mature fields.The Forties 21/10-A52 well encountered

75、a prospective new field pay sand 150 meters above the main field pay near the Forties Alpha platform.The Forties field had an estimated 5 billion barrels of original oil in place when production began in 1974 and has recovered just over 50 percent of that volume through 2009.With approximately 2.4 b

76、illion barrels of oil remaining in the ground,each incremental percentage recovery is 50 million barrels.Apaches operating and exploitation teams,equipped with new and existing technologies and our sense of urgency,expect to recover even greater percentages of the large hydrocarbon resource at Forti

77、es.the Forties fieldthe largest field ever discovered in the united Kingdom sector of the north seais among apaches best acquisitions.addingvalueinmaturefieldshasbeenacentralelementofapachesstrategythroughoutourhistory.in2003,apachepaid$667millionforprovedreservesof144millionbarrelsofoilequivalentan

78、dproductionof41,000barrelsperday.sinceacquiringthefield,apachestreamlinedandimprovedproductionfacilitiestoincreaseproductionefficienciesandreduceliftingcosts,anddrilled69wellstoincreaseproduction.in2010,apacheplanstocompleteengineeringstudiesforaproposednewsatelliteplatformtoaccommodateadditionaldri

79、llingnearthealphaplatform.overthelastsixyears,apacheproduced139millionbarrelsofoilequivalentfromthefield,ornearlythetotalestimatedreservesidentifiedwhenthefieldwasacquired.output is about 50 percent above 2003 levels,and the current estimate of proved reserves stands at 173 million barrels equivalen

80、t.pushing past whats provennew tricks in anold fieldapachetrendregional stats2009 Natural gas productioN2009 liquid hydrocarboN productioNproved reserves2009 Wells drilled/productivegross acreage3 MMcf/day60,984 bbls/day173 MMboe17/14382,000jan0775,00065,00055,00045,00035,00025,00015.0005,000jan06ja

81、n05jan04jan03jan02jan01jan09jan08northseadailyproduction exploring whats possible12argentinaapachewasthefirstproducertoreceivegovernmentapprovalforgasplusprojects,includingacontracttosupply50mmcfofnaturalgasperdayfromfieldsinneuqunandrionegroprovincestoanelectricgenerationplantforu.s.$5permmbtubegin

82、ningin2011.Government intervention in Argentinas energy sector has imposed low commodity prices that discouraged drilling and created shortages of oil and natural gas,particularly for industrial users.The government recently took an important first step toward pushing up natural gas prices with the

83、Gas Plus program,which is designed to allow producers to seek higher prices from industrial end users for gas produced from tight sands and other unconventional formations in negotiated contracts outside government price-setting regulations.In January 2010,Apache started supplying 10 MMcf per day fr

84、om our Guanaco and Ranquil-Co fields in Neuqun province to the national grid for electric generation under a one-year contract with a price of U.S.$4.10 per MMBtuwell above the recent average realized natural gas price of U.S.$1$2 per MMBtu.with commodity prices on the rise,apache continues active d

85、rilling programs in concessions in the neuqun basin and tierra del Fuego.In 2009,the province of Neuqun agreed to extend eight federal oil and gas concessions for 10 additional years,providing a stable environment for exploration activity.apache expanded operations in argentina at a time when invest

86、ment was scarcebutsupply/demandfundamentalssuggestedthatthegovernmentultimatelywouldhavetofindawayatsomepointtoraisecommoditypricestosupplythecountrywiththeenergyitneedstogrowandprosper.fromapachesperspective,thegeologywasfavorableandthebasinswereunder-drilledasituationwehaveendeavoredtoremedy.weare

87、preparingforgrowth,withadatabaseof7,939squarekilometersof3-dseismic.apachealsoacquiredcuyobasinblockb,1.2millionacresnearsomeofthelargestoilfieldsinthecountry.apachehasdevelopedaninventoryofgame-changingexplorationopportunitiesintheprolificcuyo,neuqunandaustralpetroleumbasins.wealsolaunchedourfirstd

88、rillingprogramontwoconcessionsonthechileansideoftierradelfuego.A big plusemerges for gas in 2009regional stats2009 Natural gas productioN2009 liquid hydrocarboN productioNproved reserves2009 Wells drilled/productivegross acreage185 MMcf/day14,746 bbls/day119 MMboe32/313.1 millionzigging at a time wh

89、en others would have zagged2009 summary annual report13taKingwhatwerelearningincanadashornriverbasinbringingthatexperiencetothegranitewashwhilemaintainingourlong-termfocus,wecontinuetopushourselvesinnewwaystodiversifyandgrow.todrivendeliverexploring whats possible14globalcontextnorth americaoperatio

90、nsjohna.crumCo-Chief operating officer and presidentnorth americaapaches north american exploration and operations teams pioneered development in some important new areas and continued to exploit some of the worlds legacy producing basins in 2009.Oil production,mainly from the Permian Basin and the

91、Gulf of Mexico,comprised nearly 40 percent of North American barrel-equivalent output.After the first quarter,our oil production delivered more consistent cash flow as oil prices firmed and natural gas prices remained soft.Apaches production is also balanced between the shorter reserve lives but hig

92、her rates of return in the Gulf of Mexico and longer reserve lives for Apaches onshore assets in Canada and the Permian and Anadarko basins of the United States.Recognition that North America has a 100-year resource of natural gas driven by the identification of significant resources in shale format

93、ions and other unconventional playshas changed continental natural gas markets for the foreseeable future.Developing these large resources will reward companies that can find and develop gas at lower costs.Although Apaches current production in North America is primarily conventional,future growth l

94、ikely will be driven by activity in two resource playsshale gas in British Columbias Horn River Basin and the Granite Wash tight sands in the Anadarko Basin of Oklahoma and the Texas Panhandle.Apache has identified many years of drilling activity in both plays.We also anticipate the increased supply

95、 of natural gas will ultimately reward producers who pursue new and unconventional markets for their supply.Apache is the first independent producer to seek global markets for its North American production through our acquisition of 51-percent ownership and throughput capacity interest in the propos

96、ed Kitimat LNG Terminal in British Columbia.We also became operator of the project.Apache replaced 118 percent of North American production with new reserves,excluding accounting revisions,despite the decision to curtail exploration and development capital at the outset of 2009 in order to live with

97、in expected cash flow.Daily equivalent production from our North American regions declined 1.3 percent,also the result of reduced activity.We have ramped up activity in early 2010 as we moved into full development mode at Horn River,increased drilling in the Granite Wash and reinvigorated our drilli

98、ng program in the Gulf of Mexico with an expanded exploration inventory that includes targets in the Gulfs deeper waters.2009 summary annual report15canadaapacheandourpartnerwerefirstmoversandnowcontrolmorethan400,000acresinthehornriverbasinshaleplay,whichhasevolvedintooneofthehighest-qualityunconve

99、ntionalshalegasplaysinnorthamerica.Unconventional gas opportunities are expected to drive future growth of Apaches Canadian Region,moving beyond the conventional plays in Alberta,British Columbia and Saskatchewan that have been the foundation of the regions activities for 15 years.Apache pioneered t

100、he play with the first producing well from the Horn River Basin shale formations at Ootla.We have been encouraged by production results thus far in the Horn River program as we continue to optimize the distance between wells and the number and size of fracture stimulation stages.We estimate we ultim

101、ately could drill 2,000 to 3,000 locations from multi-well pads that will reduce the operational footprint.Apache is pursuing an additional unconventional play in New Brunswick in eastern Canada in the Frederick Brook shale formation.Through drilling,Apache has the right to earn a 50-percent interes

102、t in 116,000 prospective acres.If the program is successful,gas will be exported to markets in the northeast United States via existing pipelines.Like the other North American regions,drilling activity in the regions conventional production base was curtailed with lower commodity prices in 2009.Alth

103、ough equivalent production declined 1 percent,we replaced 208 percent of production,excluding accounting revisions.capturing Value throughunconVentional thinkingregional stats2009 Natural gas productioN2009 liquid hydrocarboN productioNproved reserves2009 Wells drilled/productivegross acreage359 MMc

104、f/day17,275 bbls/day531 MMboe201/1885.6 millionexploring whats possible16Horn RiverMontneyKITIMATTERRACEPRINCE RUPERTwe agreed to acquire a 51-percent ownership and throughput capacity interest in the proposed Kitimat lng terminal in northern british Columbiatheonlylngexportterminalunderdevelopmenti

105、nnorthamerica.front-endengineeringanddesignoftheprojectisexpectedtobeginin2010.ifweproceedwithdevelopment,apachesnetcapacityinthefacilityhasthepotentialtoprovideanoutletfor350mmcfperdayofgasfromhornriverorotherareasincanada,andaccesstomarketsthatreceiveworldwidelngprices.afinalinvestmentdecisionisex

106、pectedin2011.ifwegoforward,initialgasexportsareforecastforasearlyas2014.the magnitude of the horn river resourCe prompted apaChe to seek alternative markets2009 summary annual report17central/permianholdingacreageinKnownhydrocarbon-producingareasovermanyyearsoftenleadstonewopportunitieswhennewtechno

107、logiesunlocKresourcesthatotherwisewouldnotbeeconomic.Although Apache has evolved into a successful global exploration and production company,the Central Region remains a cornerstone of Apaches original core competencyadding value to mature assets.The region has provided steady,predictable results,en

108、hanced by high-quality assets with an average reserve life of 19 years across a large acreage base.in western oklahoma,horizontal drilling and multi-stage fracture stimulation technologies have breathed new life into a familiar producing formation.The Granite Wash is a tight gas horizon that exhibit

109、s better primary porosity and permeability than most shale plays in North America,and Apache has over 200,000 gross acres under lease,mainly held by production.The reserves generally have high liquid-hydrocarbon content along with natural gas,enabling very rapid payouts with high rates of return.Apa

110、ches first horizontal well in the play,the Hostetter 1-23H,was drilled to a vertical depth of 12,500 feet followed by a 4,000-foot lateral with eight fracture stimulation stages.It produced at an initial rate of 17 MMcf of gas and 800 barrels of oil per day and paid out its entire investment in thre

111、e months.In early 2010,we had four rigs in operation in the play and hundreds of potential drilling locations identified across our acreage.apache drilled its first wells in oklahoma 55 years ago and the Central region grew to be apaches largest with 27 percent of total worldwide proved reserves.in2

112、009,thecentralregionreplaced101percentofproductionthroughdrillingandacquisitionsbeforerevisionsbutproductiondeclined2percentto89,100barrelsequivalentperdaybecauseofreducedactivity.inthepermianbasin,apachecompleteda$187-milliontacticalacquisitionfrommarathonoilthatbroughtdailyproductionof3,500barrels

113、ofoilequivalent.thefieldsareanoutstandingfitwithapachesexistingproduction,particularlyinleacounty,n.m.,whereweidentifiedmorethan200futuredrillinglocations.inearly2010,apacheestablishedanewpermianregiontomanageourwesttexasandnewmexicoassetsseparatefromthecentralregion,whichwillcontinuetofocusontheana

114、darkobasinaswellasapachesassetsineasttexas.inthepermian,thechangewillfacilitatecloserinteractionbetweentechnicalstaff,whichwillbebasedinmidland,andfieldpersonnel,andultimatelywillprovidegreaterfocusontheseoil-producingassets.knowing when tohold emregional stats2009 Natural gas productioN2009 liquid

115、hydrocarboN productioNproved reserves2009 Wells drilled/productivegross acreage300 MMcf/day39,180 bbls/day630 MMboe135/1332 millionfive deCades and still going strongexploring whats possible18gulfcoastapacheisthelargestheld-by-productionacreageholderandthesecond-largestproducerontheoutercontinentals

116、helfofthegulfofmexico.Apache also holds substantial producing acreage along the Gulf Coast in Louisiana and Texas.Our assets,which are balanced between oil and natural gas,generally provide high rates of return and cash flows.In 2009,production was essentially flat as the region focused on productio

117、n restoration activities in the aftermath of Hurricane Ike.Drilling was curtailed as part of the corporate objective of living within cash flow.The Gulf Coast Region drilled only 26 wells in 2009,down from 116 wells in 2008,with drilling success at South Timbalier 287 and South Timbalier 308 as well

118、 as Ewing Banks 826.after our 2008 geauxpher deepwater discovery at garden banks 462,the region started focusing on select opportunities in deeper water.Geauxpher,located in water 2,700 feet deep,was brought on line in the second quarter of 2009 and continues to produce 84 MMcf per day34 MMcf per da

119、y net to Apaches interest.Gross cumulative production through year-end was 21 Bcf8.4 Bcf net to Apache.After positive drilling results in 2009,Apache is proceeding with development plans at Garden Banks 605at a water depth of 2,936 feetand at Ewing Bank 998in water 909 feet deep.the region is off to

120、 a fast start in 2010the first eight wells were successful withfiveoperatedrigsundercontract,andplanstodrill67wellsin2010.anearlysuccessin2,096feetofwateratmississippicanyon199ledtoasuccessfulappraisalwell;developmentplansarebeingformulated.productionisexpectedinearly2011fromanewplatformatmainpass30

121、8afteranewfielddiscoveryandsuccessfulappraisalweredrilledonthe100-percentworking-interestproperty.seeking opportunityin deeper waterregional stats2009 Natural gas productioN2009 liquid hydrocarboN productioNproved reserves2009 Wells drilled/productivegross acreage367 MMcf/day56,089 bbls/day300 MMboe

122、26/153 millionoff to a fast start2009 summary annual report19sometimes,the answer to a technological question can be answered with fairly common modern devicessuch as flash memory found in ipods and other mp3 players.When Apache sought to map three-dimensional seismic seamlessly across the border be

123、tween Chile and Argentina on the island of Tierra del Fuego,we faced many hurdles,including longstanding political tensions that limited cross-border operations.Apache had previously acquired a 3-D survey on the Argentine side of the border using a cabled system,and needed continuous sampling to acq

124、uire a 3-D survey on the Chilean(west)side.Apache,working with a technology partner,developed a solution that was cable-free and utilized lightweight vehicles and small crews to deploy receiver stations on the Argentine side of the border.More than 1,000 new unitsgeophones attached to the flash driv

125、escould just sit and record the seismic shots from the Chilean side.No cables were laid across the border,and there were no questions about radio,microwave or laser transmissions passing from one country into another.In 2010,Apache is planning to use a similar system to minimize the environmental im

126、pact of a 3-D survey on recently acquired exploration acreage in Argentinas wine country in Mendoza province.apaches scientists and engineers have been granted or have applied for 17 patents for a range of inventions,from systems used for interpreting seismic data or processing well logs to improvem

127、ents in drilling and completion techniques.Often,Apache has sold the inventions to service companies for commercialization while retaining our ability to use the innovations under preferential terms.Exploring whats possible means knowing what technologies to use and when to use them.seismicwithoutbo

128、rdersatapache,animportantinnovationcancomefromanadvancedcomputationaltechniqueoranewapplicationoffamiliarequipment.thatinnovationdeliversexploring whats possible20The Forties Field,the largest ever discovered in the United Kingdom sector of the North Sea,has given up more than 2.4 billion barrels of

129、 oil over the last 30 years.apache is using techniques that bring together many sources of data to give an accurate picture of the current state of the field and identify likely places to find unswept deposits.Four-dimensional modeling uses reservoir-engineering data and a series of 3-D seismic surv

130、eys to create a time-lapse picture that shows where oil has moved as water is pumped through the field to maximize production.Its a technique that is well-suited for larger,mature fields such as Forties.The latest model of the reservoir highlighted the potential for similar stranded oil accumulation

131、s in close proximity to the Charlie platform and helped Apaches technical teams identify the Charlie 6-3 target drilled in 2009.The well came on production at 10,500 barrels per daythe fields highest initial production rate since 1994.In 2010,Apache is planning another 3-D seismic survey,which will

132、be used to create a new time-lapse picture and pinpoint additional targets.technologycontextinnoVationat workfindingoilinthefourthdimensionatfortiesIncreasing efficiency and driving down costs is critical to the success of all projects,but particularly with the development of the Horn River Basin sh

133、ale gas play in northeast British Columbia,where Apache holds a 50-percent interest in more than 400,000 acres.Apache is taking pad-drilling operations to a new level,with 16 horizontal wells on a single,six-acre location.To keep the frac equipment working efficiently,Apaches engineers developed and

134、 applied for a patent for a manifold that will connect all the wells on the pad,minimizing non-productive time and enabling 24-hour operations.Each horizontal lateral is well over a mile long,and engineers and geoscientists are still experimenting to determine how many fracture stimulation stages ca

135、n be used to get the best results from each well.Apache pioneered production in the Horn River Basin at Ootla.Today,it is leveraging technology and urgency to develop one of North Americas leading shale plays.manifoldspeedsfracturesathornriver2009 summary annual report21recent innovations in drillin

136、g and completion technologies have unlocked a 100-year north american natural gas resource that has transformed the industry.The abundance of natural gas from conventional and unconventional sources such as shale formations offers U.S.political leaders a chance to reduce the nations reliance on impo

137、rted oil,create domestic jobs and help achieve environmental and climate-change goalsif they will take it.Natural gas,which can be produced in a safe,environmentally responsible manner,is cleaner than coal for generating electricity,and cleaner than other fossil fuels when used in transportation.Usi

138、ng more gas is the best way to achieve substantial reductions of emissions of greenhouse gases in the near term.Political deadlock on Capitol Hill may have diminished the likelihood that Congress will pass major energy and climate change legislation in 2010.However,proposals to impose unwarranted re

139、gulatory burdens on the proven technology of hydraulic fracturing and to impose new taxes on domestic drilling activities could impede the development of this domestic resource that could help the nation achieve its energy security,job creation and environmental goals.naturalgas:theclean,abundantalt

140、ernativeHydraulic fracturingdone properly and with adequate regard for the environmentis a proven technique used to tap gas in hard rocks generally thousands of feet below drinking water supplies.Instead of creating new burdens on the industry,we urge Congress and the administration to consider step

141、s that would encourage expanded use of natural gas as a transportation fuel.Compressed natural gas(CNG)has about 20 percent less carbon dioxide emissions than gasoline and diesel,and fewer emissions of smog-causing pollutants.Reducing our reliance on imported oil would strengthen our economy by crea

142、ting jobs and alleviating the balance of payments deficit.While we hope our political leadership will craft comprehensive federal policies to encourage CNG use,Apache isnt waiting.We are converting many of our fleet vehicles to CNG,and we are developing our own refueling infrastructure where it does

143、 not exist.Also,we have offered to partner with municipal governments in Houston,Tulsa,Okla.,and Lafayette,La.,to develop CNG refueling facilities for parts of their fleets.Natural gas is an essential part of the solution to many of the nations challenges.exploring whats possible22qasrandotherdiscov

144、erieswillfuelfutureexplorationASALA WATERFLOODQASR GASGEAUXPHEROOTLAVAN GOGHPYRENEESPHIOPSGAS PLUSHALYARDSALAM 5REINDEER20082009201020112012ourbalancedportfolioandcommitmenttofinancialdisciplineprovideflexibilitytorespondtochangingcircumstancesornewopportunities.ourexpandingreach2009 summary annual

145、report23capitalization($billions)equitydebt302520151050506070809annualproduction(MMboe)2500200015001000500provedreserves(MMboe)liquids gasliquids gas25020015010050050607080905060708091512963revenues($billions)netcashprovidedbyoperatingactivities($billions)050607080905060708098642marKetcontextfinanci

146、alperspectiverogerb.planKpresidentFinancial discipline has served apache well for more than 50 years,and never was it more important than during the global financial crisis of 2009.From a financial perspective,a strong balance sheet provides Apache with the flexibility to maintain growth from our co

147、re drilling program,larger exploration targets and the associated development capital and occasional opportunistic acquisitions.The year began with nearly unprecedented uncertainty and volatility in virtually all markets as the world grappled with the global financial crisis.Equity and commodity pri

148、ces declined to multiyear lows.Credit markets were dysfunctional at best,drying up completely in some instances.The decline in oil and gas prices that began in the final months of 2008 continued in the early months of 2009,with prices sinking by more than two-thirds from their 12-month highs.As a re

149、sult,Apache reported a$1.98-billion non-cash,after-tax reduction in the carrying value of oil and gas properties in the first quarter.Earnings rebounded sharply over the remainder of the year with stronger oil prices and Apaches 9-percent increase in global production.exploring whats possible24For t

150、he year,Apache recorded a net loss of$292 million or 87 cents per diluted common share.Absent the write-down and other items that impact the comparability of results,Apaches adjusted earnings totaled$1.9 billion or$5.59 per share.*the magnitude of the turnaround is underscored by the fact that apach

151、e earned more in the last three quarters of 2009 than in all but four full years.Cash flow from operations before changes in operating assets and liabilities*totaled$5 billion.Amid the years turmoil,Apaches primary objective for 2009 was to live within cash flow to preserve financial flexibility.We

152、began 2009 with cash and short-term investments approaching$2 billion,which we intended to preserve and ultimately use to make opportunistic acquisitions.To meet our objective,we entered the year with a severely reduced exploration and development capital budget of$3.5 billion,just slightly more tha

153、n half the prior years$6.7 billion.Activity was curtailed throughout all regions.We reduced operating costs where possible to match lower commodity prices and deferred projects that did not result in the loss of a lease or opportunity.Having entered 2009 with approximately$4 billion of cash and liqu

154、idity,we were surprised and somewhat dismayed when the worlds financial crisis and sinking commodity prices did not deliver more opportunities to acquire properties on attractive terms.Although we were able to complete$310 million of acquisitions,mainly in the first quarter,when oil prices reached t

155、heir lows for the year,material acquisition opportunities throughout the industry were few and far between.Clearly,there are encouraging signs that the transaction pipeline may be beginning to thaw.However,it coincides with broader trends of resource nationalism among the producing countries and a s

156、carcity mentality,particularly for oil,that is likely to drive up the cost of entry in new producing areas.Apache will continue to explore possible transactions that make sense strategically and on a value basis.However,our continuing evolution toward more international exploration and our pipeline

157、of large-scale discoveries in the development phase likely foretells where more of our capital will be directed in the future.apachesabilitytocontinuetoincreaseproductionintimesofconstrainedcapitaldemonstratesthebenefitofourlong-termapproach.our global,balanced production base generates substantial

158、cash flow to fund larger exploration targets and considerable associated development costs.Production growth in the face of significantly reduced capital spending would not have been possible without stability from several high-impact discoveries around the world making meaningful contributions to o

159、ur production base.As Apache has evolved over the years from largely a U.S.development driller and producer to an international exploration and production company,our investment time horizons and capital outlays have,out of necessity,expanded materially.Apaches Qasr Field in Egypts Western Desert re

160、quired substantial infrastructure investments to reach current gross production of 600 MMcf of gas and 27,000 barrels of condensate per day.With more such discoveries in the pipeline to be developedJulimar,Reindeer,Van Gogh,Pyrenees,Horn River and others discussed elsewhere in this reportApache must

161、 increasingly balance long-term investments that can move the needle for investors,with short-term investments that generate immediate cash flow to pay for them.Fortunately,once this pipeline is running,more discoveries bring sizeable,steady cash flow that can fund future high-impact growth projects

162、.*Non-GAAP financial measures.Please see measures and reconciliations,page 28.2009 summary annual report25apacheended2009with$2billionincashandshort-terminvestments.$2500$2000$1500$1000$5001q2q3q4q1q2q3q4q2008200929%North aMericaN gas21%iNterNatioNal gas50%total oil&liquids19%North aMericaN gas9%iNt

163、erNatioNal gas72%total oil&liquidsin2009,whileourworldwideproductionwassplitevenlybetweenliquidhydrocarbonsandnaturalgas,oilgeneratedmorethan70percentofrevenues.apache aims to maintain a balance between oil and natural gas production because,over several decades,we have learned that the two commodit

164、ies rarely move in parallel,and often move in unanticipated ways.Apaches diverse revenue sources set us apart from many independents that rely primarily on North American gas production.Our balance also contributed substantially to the recovery of Apaches earnings and cash flow after the challenging

165、 first quarter.We have increased our gas hedging program for 2010 because we believe the abundance of natural gas resources unlocked by the development of North Americas vast shale formations is likely to put continued pressure on gas prices.We have hedged 2010 volumes equal to approximately 41 perc

166、ent of fourth-quarter 2009 North American daily gas production.We do not see similar pressures on oil prices because oil is increasingly difficult to find and is coveted by developing countries,in particular.At year-end,we had hedged 2010 volumes equal to only 13 percent fourth-quarter 2009 global o

167、il production.Apache took steps toward further diversification of future revenue during 2009 by agreeing to participate in liquefied natural gas(LNG)projects in Australia and Canada that have the potential to provide access to global markets for our large natural gas discoveries.apacheachievedour200

168、9goaloflivingwithincashflow,entering2010withacashbalanceof$2billion.Higher oil prices and additional production enabled us to increase our capital budget by$500 million at midyear,make modest asset purchases of$310 million,and retire a preferred stock issue of$100 million.This is in sharp contrast t

169、o those companies forced to issue equity at or near multiyear low share prices and in several cases well below the prices paid in earlier share buy-backs.Apaches balanced portfolio generated considerable cash flow and enabled us to avoid such destructive dilution and fund continued growth.For exampl

170、e,in Australiawhere we anticipate our greatest growth over the next two yearswe invested$1.5 billion in 2008 and 2009,outpacing$500 million in region cash flow over the same period.On the other hand,other regions cash flow exceeded capital over the same period,effectively funding Australias growth a

171、nd supplanting the need to issue equity or debt.Apache remains focused on growing profitably with a commitment to financial discipline and managing the business with a long-term perspective.Apache once again enters a new year in a strong financial position,a deep inventory of exploration and develop

172、ment projects and a disciplined approach to moditymixproductioncommoditymixrevenuelivingwithincashflow($millions)exploring whats possible2642.820%32.515%28.213%22.411%55.726%14.77%16.68%u.s.gulf coastu.s.ceNtralcaNadaNorth seaegyptaustraliaargeNtiNa300.013%630.027%531.022%172.57%308.813%305.313%119.

173、05%u.s.gulf coastu.s.ceNtralcaNadaNorth seaegyptaustraliaargeNtiNa602.519%326.010%412.113%375.212%675.722%602.719%139.85%u.s.gulf coastu.s.ceNtralcaNadaNorth seaegyptaustraliaargeNtiNa10.81%chile2009production(MMboe)TOTAL:2132009provedreserves(MMboe)TOTAL:2,366.62009exploration&developmentcapital($m

174、illions)TOTAL:3,144.72009 summary annual report27200920082007financialhighlightsRevenues$8,615$12,390$10,000Income(loss)Attributable to Common Stock(292)7062,807Diluted(loss)Net Income per Common Share(.87)2.098.39Cash from Operations before Changes in Operating Assets and Liabilities*:Net Cash Prov

175、ided by Operating Activities4,2247,0655,677Changes in Operating Assets and Liabilities761312518Cash from Operations Before Changes in Operating Assets and Liabilities$4,985$7,377$6,195Total Assets$28,186$29,186$28,635Long-Term Debt4,9504,8094,012Shareholders Equity15,77916,50915,378Cash Dividends pa

176、id per Common Share0.600.700.60operationalhighlightsOil and Gas Expenditures(including acquisitions,gas gathering,transmission and processing facilities and capitalized interest)$3,821$6,328$5,802Natural Gas Production(mmcf/d)1,7591,6181,796Oil and Condensate Production(mbbls/d)290265262Proved Reser

177、ves(mmboe)2,3672,4012,446year ended December 31(dollars in millions,except per-share data)marKetcontextperformancehighlights20092008Income(loss)Attributable to Common Stock(GAAP)$(291,692)$706,274Adjustments:Foreign currency fluctuation impact on deferred tax expense 197,724(397,454)Additional deple

178、tion,net of tax1,981,3983,647,745Out-of-period tax adjustments(173,795)Adjusted Earnings(Non-GAAP)$1,887,430$3,782,770Adjusted Earnings Per Share(Non-GAAP)Basic$5.62$11.31Diluted$5.59$11.22Average Number of Common Shares Basic335,852334,351Diluted337,737337,191year ended December 31(thousands except

179、 per-share data)*Non-GAAP Financial Measure:This annual report discusses Apaches cash from operations before changes in operating assets and liabilities.Management believes the information is useful for investors because it is used internally and widely accepted by those following the oil and gas in

180、dustry as a financial indicator of a companys ability to generate cash to internally fund exploration and development activities,fund dividend programs,and service debt.It is also used by research analysts to value and compare oil and gas exploration and production companies,and is frequently includ

181、ed in published research when providing investment recommendations.Cash from operations before changes in operating assets and liabilities,therefore,is an additional measure of liquidity,but is not a measure of financial performance under GAAP and should not be considered as an alternative to cash f

182、lows from operating,investing,or financing activities.This annual report also discusses Apaches adjusted earnings,which exclude certain items that management believes affect the comparability of operating results and are meaningful for the following reasons:Management uses adjusted earnings to evalu

183、ate the companys operational trends and performance relative to other oil and gas producing companies;management believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings for items that may obscure underlying fundamen

184、tals and trends;and the reconciling items below are the types of items management believes are frequently excluded by analysts when evaluating the operating trends and comparability of the companys results.reconciliationofincomeattributabletocommonstocKtoadjustedearningsexploring whats possible28hum

185、ancontextstewardshipfromcypresstreestoschools,apacheisapartofthecommunitieswhereweworK.everyday,acrossfivecontinents,apacheanditsemployeesfocusonensuringsafeoperations,taKeactiverolesintheircommunitiesandworKtoprotecttheenvironment.onfocusedcommunity2009 summary annual report29workers throughout the

186、 organization understand their personal responsibility for ensuring safe and environmentally responsible operations.The individual initiative and sense of responsibility that drive Apaches operations also infuse our environmental,health and safety(EH&S)programs.Apache has established Worldwide EH&S

187、Standards across the company that permit each region to adapt programs and procedures to fit the rules and culture in each location.We maintain high standards for assuring the competency of workers,managing work and workers,complying with regulations,properly designing and maintaining facilities,usi

188、ng appropriate environmental considerations and planning for responses to extraordinary events.Members of the Apache team have responded to this empowering environment with a continuing trend of reduced accidents and improved compliance.During the last year,Apache achieved a 4.7-percent decrease in

189、recordable injuries and a 25-percent decrease in injuries that prevent or restrict the ability to work.This continues a four-year trend that has reduced recordable injuries by 42 percent and work-restricting injuries by 39 percent.empoweringindividualinitiativeexploring whats possible30apache employ

190、ees worldwide ask hard questions about our operations performance and find solutions that create value and reduce greenhouse gas emissions.We understand that widespread and effective actions to reduce GHG emissions will fail unless they make economic sense.In 2009,we completed a regional electrifica

191、tion project in Egypts Western Desert,installing large natural gas turbines for power generation that allow us to retire hundreds of dirty diesel engines and make a significant reduction in emissions.At our North Sea Forties Field,the Ring Main project linked our facilities together in a manner that

192、 allows us to use field gas to fuel power generators instead of diesel and vastly reduces flaring.At the Midale Field in Canada,we inject carbon dioxide from third-party coal gasification.We continue to strive to optimize our own energy efficiency,while at the same time providing a viable energy alt

193、ernativenatural gasthat enables others to lower their emissions at the lowest possible cost.On a corporate level,we have helped build organizations such as Fund for Teachers,which provides grants for educators to pursue self-designed sabbatical opportunities,and SpringboardEducating the Future,which

194、 built 201 schools that are providing education opportunities for 7,000 girls in Egypts rural villages.In 2009,we joined with our employees to contribute more than$900,000 to more than 200 educational,arts and civic organization across our operating regions.apache Foundation provided 100,000 tree se

195、edlings to assist with a locally organized cypress swamp reforestation project to further recovery efforts in a hard-hit area just east of new orleans.Hurricane Katrinas storm surge,which swept away homes,businesses and infrastructure in Louisianas St.Bernard Parish,also washed away or damaged most

196、vegetation in the community.The parish was completely flooded in the 2005 hurricane,when a 30-foot tidal surge destroyed eight miles of levees along the Mississippi River Gulf Outlet Canal.The trees are being planted between two area levee systems to reforest former swampland.In spring 2009,just thr

197、ee years after launch,Apache Foundations Tree Grant Program reached its goal of planting 1 million trees to improve wildlife habitats,restore storm damage,and enhance cities and neighborhoods in 14 states.Apache has committed to donating an additional 2 million trees by 2014.buildingcommunitiesandim

198、provinghabitatseconomicandenvironmentalcommonsense2009 summary annual report31frederick M.boheN(3)(5)Former executive Vice president and Chief operating officer,the rockefeller universityg.steveN farris(1)Chairman and Chief executive officer,apache CorporationraNdolph M.ferlic,M.d.(1)(2)Founder and

199、Former president,surgical services of the great plains,p.C.eugeNe c.fiedorek(2)private investor,Former managing Director,enCap investments l.C.a.d.frazier,Jr.(3)(5)Co-Founder and Vice Chairman,both holdings,llCpatricia albJerg grahaM(4)Charles warren professor of the history of education emerita,har

200、vard universityJohN a.kocur(1)(3)(4)attorney at law;Former Vice Chairman of the board,apache Corporationgeorge d.laWreNce(1)(3)private investor;Former Chief executive officer,the phoenix resource Companies,inc.f.h.Merelli(1)(2)Chairman of the board,Chief executive officer,and president,Cimarex energ

201、y Co.rodMaN d.pattoN(2)Former managing Director,merrill lynch energy groupcharles J.pitMaN(4)Former regional presidentmiddle east/Caspian/egypt/india,bp amoco plc;(1)executive Committee(2)audit Committee(3)management Development and Compensation Committee(4)Corporate governance and nominating Commit

202、tee(5)stock option plan Committeeg.steveN farris Chairman and Chief executive officer roger b.plaNkpresidentJohN a.cruMCo-Chief operating officer and president north americarodNey J.eichlerCo-Chief operating officer and presidentinternationalMichael s.bahorichexecutive Vice president and technology

203、officerJoN a.JeppeseNexecutive Vice presidentp.aNthoNy laNNieexecutive Vice president and general CounselW.kregg olsoNexecutive Vice president Corporate reservoir engineeringsarah b.tesliksenior Vice presidentpolicy and governanceJohN r.bediNgfieldVice president worldwide exploration and new Venture

204、sthoMas p.chaMbersVice presidentplanning and investor relationsMattheW W.duNdreaVice president and treasurerrobert J.dyeVice presidentCorporate servicesdavid l.freNch Vice presidentbusiness DevelopmentMargie harrisVice presidenthuman resourcesrebecca a.hoytVice president and ControllerJaNiNe J.Mcard

205、leVice presidentoil and gas marketingaaroN s.g.MerrickVice presidentinformation technologyurbaN f.obrieNVice presidentgovernment affairsJoN W.sauerVice presidenttaxcheri l.peperCorporate secretarydesignedby:origin,houston,texasWWW.origiNactioN.coMboarddirectorsofcorporateofficersprintedonrecycledpap

206、er.exploring whats possible32DoubleD ApAches size AnD significAntly increAseD permiAn bAsin oil proDuctiona STrOng,deTermined Team,a Balanced POrTfOliO and a recOrd Of imPacTful exPlOraTiOn Have PrOduced lOng-Term grOwTH fOr Our SHareHOlderS.1991 1993 1994 1995 1996 first significAnt internAtionAl p

207、resence in AustrAliAHadSOnmwegypt Discovery well testeD 12,000 bArrels per DAy Qarun diScOveryestAblisheD cAnADiAn presencedeKalBexpAnDeD presence in egypts western DesertPHOenix reSOurceSexPlOraTiOnacQuiSiTiOnSmarKeT cOnTexTshareholderinformationThe Company has paid cash dividends on its common sto

208、ck for 45 consecutive years through Dec.31,2009.Future dividend payments will depend upon the Companys level of earnings,financial requirements and other relevant factors.Apache common stock is listed on the New York and Chicago stock exchanges and the NASDAQ National Market(symbol APA).At Dec.31,20

209、09,the Companys shares of common stock outstanding were held by approximately 5,800 shareholders of record and 442,000 beneficial owners.Also listed on the New York Stock Exchange are:ApAche FinAnce cAnAdAs 7.75%notes,due 2029(symbol ApA 29).2009HigHlOwdeclaredPaidFirst Quarter$88.07$51.03$0.15$0.15

210、Second Quarter87.0461.600.150.15Third Quarter95.7765.020.150.15Fourth Quarter106.4688.060.150.152008First Quarter$122.34$84.52$0.25$0.25Second Quarter149.23117.650.150.15Third Quarter145.0094.820.150.15Fourth Quarter103.1757.110.150.15Price rangedividendS Per SHareannual meeTingApache will hold its

211、annual meeting of shareholders on Thursday,May 6,2010,at 10:00 a.m.in the Ballroom,Hilton Houston Post Oak,2001 Post Oak Boulevard,Houston,Texas.Apache plans to web cast the annual meeting live;connect through the Apache web site:STOcK Held in“STreeT name”The Company maintains a direct mailing list

212、to ensure that shareholders with stock held in brokerage accounts receive information on a timely basis.Shareholders wanting to be added to this list should direct their requests to:apaches public affairs Department 2000 Post Oak Boulevard,Suite 100 Houston,Texas 77056-4400or by calling 713.296.6157

213、or by registering on Apaches Web site:fOrm 10-K reQueSTShareholders and other persons interested in obtaining,without cost,a copy of the Companys Form 10-K filed with the Securities and Exchange Commission may do so by writing to:cheri l.peper,corporate secretary2000 Post Oak Boulevard,Suite 100 Hou

214、ston,Texas 77056-4400inveSTOr relaTiOnSShareholders,brokers,securities analysts or portfolio managers seeking information about the company are welcome to contact:thomas p.chambers,Vice presiDentplanning anD inVestor relations713.296.6685.Members of the news media and others seeking information abou

215、t the company should contact:apaches public affairs Department at 713.296.7276.weB SiTcOrPOraTe OfficeSone post oak central 2000 Post Oak Boulevard,Suite 100 Houston,Texas 77056-4400 713.296.6000indePendenT PuBlic accOunTanTSernst&young llp fiVe houston center1401 McKinney Street,Suite 1200 Houston,

216、Texas 77010-2007STOcK TranSfer agenT and regiSTrarwells fargo bank,n.a.attn:shareowner serVicesPO Box 64854 South St.Paul,Minnesota 55164-0854 651.450.4064 or 800.468.9716Communications concerning the transfer of shares,lost certificates,dividend checks,duplicate mailings or change of address should

217、 be directed to the stock transfer agent.Shareholders can access account information on the Web site:dividend reinveSTmenT PlanShareholders of record may invest their dividends automatically in additional shares of Apache common stock at the market price.Participants may also invest up to an additio

218、nal$25,000 in Apache shares each quarter through this service.All bank service fees and brokerage commissions on purchases are paid by Apache.A prospectus describing the terms of the Plan and an authorization form may be obtained from the Companys stock transfer agent,Wells Fargo Bank,N.A.direcT reg

219、iSTraTiOnShareholders of record may hold their shares of Apache common stock in book-entry form.This eliminates costs related to safekeeping or replacing paper stock certificates.In addition,shareholders of record may request electronic movement of book-entry shares between your account with the Com

220、panys stock transfer agent and your broker.Stock certificates may be converted to book-entry shares at any time.Questions regarding this service may be directed to the Companys stock transfer agent,Wells Fargo Bank,N.A.whats exploringpossibleAnnual Report 2009summary2000 Post Oak Boulevard,Suite 100 Houston,Texas 77056-4400www.aPacHecOrP.cOmapache corporation