Apache Corporation has achieved its goal of doubling its share price in less than three years, adding approximately $19 billion in shareholder value.
Approximately 2,800 employees will share in the achievement through special incentives in the form of Apache common stock with a total value of about 1 percent of the growth in market capitalization.
"The recently completed year was remarkable for Apache, its employees and investors on a number of fronts," said G. Steven Farris, Apache's president and chief executive officer. "Apache established new records for production, reserves, net income and cash from operations. The year also brought several important discoveries in our core growth areas of Australia, Canada and Egypt which we expect to propel our growth in future years.
"The effort and dedication by Apache employees -- buoyed by our strong culture and our values of integrity, respect for human dignity, work ethic and sense of urgency -- fueled these results," Farris said.
"On Feb. 29, Apache's employees achieved what was once thought to be an impossible dream: doubling the company's share price in less than three years," Farris said. The stock closed at $114.71, up from $56.73, the close on May 5, 2005, the day shareholders approved the Share Appreciation Plan.
More than 90 percent of the incentives will be paid to non-executive employees. People employed at Apache when the program began will receive shares equivalent to at least 50 percent of their annual salaries at that time; those hired later (but before July 1, 2007) will receive prorated awards. A total of about 2 million shares will be paid in four annual installments, providing a strong retention incentive.
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