Apache Corporation – history, company profile (overview) and corporate video
Apache Corporation is an oil and gas exploration and production company headquartered in Houston, Texas, United States. It has operations in the United States, Egypt and the United Kingdom and exploration activities offshore Suriname. Apache Corporation is a subsidiary of APA Corporation.
HISTORY
Apache Oil Corporation was founded in 1954 in Minneapolis by Truman Anderson, Raymond Plank, and Charles Arnao. The company started with six employees and $250,000 in funding.
The company’s name came from the founders’ initials – A, P, and A, and “Che” was added to the end at the suggestion of Helen Johnson, an early employee who was awarded a $25 U.S. savings bond for the idea.
In 1955, Apache’s first wells were drilled in the Cushing Field in Cushing, Oklahoma.
In 1960, the drop in oil prices induced Apache to start diversifying its investments. The company acquired interests in the Foshay Tower, a Minneapolis landmark, and over the next two decades, it also diversified into agriculture, steel, plastics, telephones, utilities, cattle and dude ranching, aerosol cans, lumber, auto supplies, and other businesses.
In 1967, Apache made its first major oil discovery in Wyoming’s Powder River Basin – the Fagerness No. 1, near the town of Recluse.
In 1969, Apache was listed on the New York Stock Exchange (NYSE).
In 1971, Apache formed Apache Exploration Company (Apexco) as its oil and gas operating company.
In 1977, Apache sold Apexco to the Natomas Company. The proceeds were reinvested into a farm-in agreement with GHK to operate its wells in the Anadarko Basin.
In 1987, Apache restructured into a pure exploration and production company and moved its headquarters from Minneapolis to Denver.
In 1991, Apache acquired assets from Amoco, including a position in one of the world’s largest oil provinces — the Permian Basin of West Texas and eastern New Mexico.
In 1994, the company began operations in Egypt by acquiring a 25% non-operated interest in the Qarun Concession in Egypt’s Western Desert.
In 1996, Apache merged with Phoenix Resources and took over Egypt operations. The merger also brought a 40% non-operated interest in Khalda-area concessions, then operated by Repsol, the Spanish oil giant.
In 2000, Apache acquired Repsol’s interests in Egypt’s Western Desert and operating control of the Khalda-area concessions.
In 2003, Apache acquired the Forties field, the largest field ever discovered in the United Kingdom’s North Sea.
In 2010, Apache merged with Mariner Energy and acquired its assets in the Deepwater Gulf of Mexico and the Permian Basin. Apache also acquired assets from BP in the Permian Basin and Egypt.
In 2011, Apache expanded its holdings in the North Sea with the acquisition of ExxonMobil Corporation’s Mobil North Sea Limited assets. The company assumed operations of the Beryl, Nevis, Ness, Nevis South, Skene, and Buckland fields, the Beryl/Brae gas pipeline, and the SAGE gas plant.
In 2018, Apache created Altus Midstream Company.
In 2019, Apache announced a joint venture agreement with Total S.A. to explore and develop Block 58 offshore Suriname.
In 2021, Apache Corporation moved to a holding company structure under APA Corporation, the public company trading on the Nasdaq Stock Exchange. Apache Corporation is a direct, wholly-owned subsidiary of APA Corporation.
*Information from Forbes.com, Wikipedia.org, www.apachecorp.com and apacorp.com.
**Video published on YouTube by “Apache Corporation“