Apache Increases Quarterly Cash Dividend 50 Percent

Apache Corporation's (NYSE, Nasdaq: APA) Board of Directors has voted to raise the quarterly cash dividend on its common shares by 50 percent, to 15 cents per share from 10 cents per share, the fifth dividend increase in the past five years.

"From the perspective of long-term investors, the new regular dividend payment exceeds the original cost per share every 30 days," said Raymond Plank, Apache's founder and chairman.

"This increase reflects confidence in our team and its ability to deliver results in the future," said G. Steven Farris, president and chief executive officer.

The dividend on common shares is payable Nov. 22, 2006, to stockholders of record on Oct. 23, 2006.