Apache Prices Equity Offerings

Apache announced the pricing of offerings of common stock and depositary shares raising approximately $3.1 billion with underwriters' options that may bring in up to an additional $469 million.

Apache said it has priced its offering of 23 million shares of common stock at a public offering price of $88.00 per share, or approximately $2.0 billion. The size of the common stock offering was increased from the previously announced 21 million shares.

Apache also sold 22 million depositary shares for $1.1 billion. Each depositary share represents a 1/20th interest in a share of Apache's 6.00% Mandatory Convertible Preferred Stock, Series D, with an initial liquidation preference of $1,000 per share (equivalent to $50 liquidation preference per depositary share).

Apache has granted the underwriters a 30-day option to purchase up to 3.45 million additional shares of its common stock and up to 3.3 million additional depositary shares.

Goldman, Sachs & Co., BofA Merrill Lynch, Citi and J.P. Morgan were joint book-running managers for the offerings.

Settlement of the common stock and depositary share offerings is expected to occur on July 28, 2010, subject to customary conditions.


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