HOUSTON, May 15, 2014 /PRNewswire/ -- The Board of
Directors of Apache Corporation (NYSE, Nasdaq: APA) today announced
that it has authorized repurchasing an additional 10 million Apache
common shares, supplementing the 30-million-share authorization
announced in May 2013.
Apache has purchased 24.3 million shares for approximately
$2.1 billion under the prior
authorization.
"Apache's portfolio has been rebalanced for predictable and
profitable growth driven by our oil- and liquids-rich onshore
North America assets," said
G. Steven Farris, chairman, chief
executive officer and president. "The board has increased the
buyback authorization because of its confidence in Apache's ability
to continue to execute our future growth plans. We continue to see
our stock as a compelling investment at current levels."
Apache's Board of Directors also declared the regular quarterly
cash dividend of 25 cents per share
on the company's common shares. The dividend is payable on
Aug. 22, 2014, to stockholders of
record on July 22, 2014. Apache has
paid a common dividend to stockholders since 1965, and has
increased the dividend 67 percent since 2012.
About Apache
Apache Corporation is an oil and gas exploration and production
company with operations in the United
States, Canada,
Egypt, the United Kingdom and Australia. Apache posts announcements,
operational updates, investor information and copies of all press
releases on its website, www.apachecorp.com, and on its Media and
Investor Center mobile application, which is available for free
download from the Apple App Store and the Google Play
Store.
Forward-looking statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements can be identified by words such as "anticipates,"
"intends," "plans," "seeks," "believes," "estimates," "expects" and
similar references to future periods. These statements include, but
are not limited to, statements about future plans, expectations and
objectives for Apache's operations, including statements about our
drilling plans and production expectations, asset sales and
monetizations and share repurchases. While forward-looking
statements are based on assumptions and analyses made by us that we
believe to be reasonable under the circumstances, whether actual
results and developments will meet our expectations and predictions
depend on a number of risks and uncertainties which could cause our
actual results, performance, and financial condition to differ
materially from our expectations. See "Risk Factors" in our 2013
Form 10-K filed with the Securities and Exchange Commission for a
discussion of risk factors that affect our business. Any
forward-looking statement made by us in this news release speaks
only as of the date on which it is made. Factors or events that
could cause our actual results to differ may emerge from time to
time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
development or otherwise, except as may be required by law.
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SOURCE Apache Corporation