Apache Increases Share Buyback Program To 40 Million Shares, Declares Regular
Dividend On Common Shares
HOUSTON, May 15, 2014
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.
Logo for the Apache Corporation (NYSE, Nasdaq: APA). More information about
Apache can be found at www.apachecorp.com.
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.
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
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
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SOURCE Apache Corporation
Contact: Media, (713) 296-6100, Patrick Cassidy, or (713) 296-7276, Bill
Mintz, or Investors, (281) 302-2286, Castlen Kennedy, Christopher Cortez or
Alicia Reis, or Website, www.apachecorp.com
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