Apache Corporation
Apache Corporation NYSE: APA is an American independent oil and gas corporation. It is headquartered in 1 Post Oak Central in the Uptown district of Houston, Texas.
Apache has become a large multinational company, with regional offices and operations in the United States, Argentina, Australia, Canada, Egypt and UK North Sea.[1]
In 2010, Apache's market capitalization is approximately $30 billion. The company's proved reserves at year-end 2009 totaled 2.37 billion barrels of oil equivalent, roughly half oil and half natural gas.[2]
History
- 1954 Apache Oil Corporation is founded in Minneapolis, Minnesota, by Truman Anderson, Raymond Plank and Charles Arnao.
- 1955 The first wells were drilled in the Cushing field, between Tulsa and Oklahoma City.
- 1960 Apache acquired interests in the Foshay Tower (a Minneapolis landmark). The 32-story imitation of the Washington Monument, will become Apache’s headquarters location from the early ‘60s until 1984.
- 1967 Fagerness #1 oil discovery.
- 1969 Apache Corporation shares were listed on the New York Stock Exchange (NYSE: APA).
- 1970 Apache expanded in agriculture with the acquisition of Fresno, California’s S&J Ranch.
- 1971 Apache Corporation formed Apache Exploration Company (subsequently “Apexco”) as the oil and gas operating child company.
- 1977 Following the sale of Apexco, Apache operates GHK's drilling program in the Anadarko basin.
- 1980 Apache acquired non-operating interest (through participation in the Shell Joint Venture) in the Gulf Of Mexico, opening the door to production on the Outer Continental Shelf.
- 1981 Apache created Apache Petroleum Company (APC), US's first master limited partnership (MLP).
- 1986 Apache acquired oil and gas assets from Occidental Petroleum (Oxy), marking Apache’s entry to the Gulf of Mexico as an operator.
- 1987 Apache moved its headquarters from Minneapolis to Denver.
- 1991 Apache acquired the MW Petroleum assets from Amoco, buying Apache a position in the Permian Basin of West Texas.
- 1992 Headquarters moved to Houston, Texas
- 1993 Apache acquires Hadson Energy Resources, expanding Apache's assests to offshore Western Australia.
- 1994 Apache entered Egypt by acquiring a 25 percent non-operated interest in the Qarun Concession alongside the Phoenix Resource Companies.
- 1995 Apache acquired Dekalb Energy Canada Ltd, marking Apache's return to Canada; Apache acquired 315 oil and gas fields in the Permian Basin, the Texas-Louisiana Gulf Coast, western Oklahoma, East Texas, the Rocky Mountains and the Gulf of Mexico from Texaco.
- 1996 Apache merged with Phoenix Resources and took over operations of the Qarun Concession in Egypt.
- 1999 Acquisition of Shell assets in the Gulf of Mexico.
- 2001 Acquisition of $410 million worth of Repsol assets expanded Apache's oil and gas operations in Egypt’s Western Desert.
- 2002 Apache Corporation drilled its first deepwater wells in the West Mediterranean Concession offshore Egypt.
- 2003 Apache acquired the Forties Field, the largest field ever discovered in the United Kingdom North Sea from BP.
- 2005 Apache and ExxonMobil completed a series of agreements that provided for transfers and joint ventures across a broad range of properties in the Permian Basin of West Texas and New Mexico, Western Canada, onshore Louisiana, and the Gulf of Mexico Shelf.
- 2006 Apache completed the sale of its oil production interest in China to Australia-based ROC Oil Company Limited for US$260 million. It also bought a large majority of BP's Gulf of Mexico Shelf properties.
- 2007 A test horizontal well at the Van Gogh project, in Exmouth Gulf, Western Australia, produced 9,694 barrels per day.
- 2007 Apache CEO G. Steven Farris writes to the U.S. Securities and Exchange Commission in favor of limits on nonbinding shareholder proposals at public company annual meetings. [3]
- 2008 Natural gas pipeline explosion at Apache's Varanus Island processing hub on 3 June 2008 curtailed supplies to industrial customers in Western Australia. Apache restored 60 percent of Varanus Island gas deliveries on Aug. 8, 2008. [4]Various litigation has been instigated as a result of the Varanus Island gas pipeline explosion, including a claim lodged in Texas by Pankaj Oswal of Burrup Holdings. This case is ongoing.
- 2010 Apache commenced production from Van Gogh development offshore Western Australia.
- 2010 Federal judge upholds Apache's decision to exclude from its annual meeting ballot a corporate governance proposal from a person who had not proven on a timely basis that he actually was one of the company's shareholders. [5]
- 2010 Apache announces planned merger with Mariner Energy for $2.7 billion.[6]
- 2010 Apache announces that it was purchasing major assets from BP in Texas, southeast New Mexico, western Canada, and Egypt for a total sum of $7 billion, to pay for BP's response to the Deepwater Horizon Oil Spill.[7]
- 2011 Apache announces the discovery of eight new oil wells in Egypt's Faghur Basin.[8]
Corporate headquarters
Apache is headquartered in Suite 100 at 1 Post Oak Central in the Uptown district of Houston, Texas.[9][10] In 2010 the President of Apache, Roger Plank, said that because the company has its headquarters in Houston, it wants to "support organizations that make Houston a better place to live."[11]
References
External links
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