Apache Raises Common Stock Dividend 33 Percent

Apache's Board of Directors has voted to increase the quarterly cash dividend on its common stock 33 percent, to 8 cents per share from 6 cents per share, effective with the November dividend payment.

The board also declared the regular cash dividend on Apache's Series B Cumulative Preferred Stock.

"Because we believe our shareholders should share in the financial benefits of rising oil and gas production at a time of strong commodity prices, Apache's Board of Directors has approved increasing dividend payments for the fourth consecutive year," said Raymond Plank, Apache's chairman and founder. "After adjusting for splits and stock dividends, the quarterly cash dividend has doubled since 2001."

The common stock dividend is payable on Nov. 22, 2004, to shareholders of record on Oct. 22, 2004.

The dividend on the Series B preferred stock is payable on Nov. 1, 2004, to holders of record on Oct. 15, 2004. The payment will be $14.20 per share, which is equivalent to $1.42 per depositary share, each representing 1/10th of a share of Series B preferred stock. The Series B preferred is not listed on an exchange.