Apache Declares Cash Dividend on Series B Preferred Stock

Apache Corporation

Apache Corporation's (NYSE, Nasdaq: APA) Board of Directors declared a regular cash dividend on Apache's Series B Cumulative Preferred Stock, payable Oct. 31, 2006, to holders of record on Oct. 15, 2006.

The payment will be $14.20 per share, which is equivalent to $1.42 per depository share, each representing 1/10th of a share of Series B preferred stock. The Series B preferred currently is not listed on any exchange.

Apache earlier announced that the board of directors 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 increased dividend is payable Nov. 22, 2006, to stockholders of records on Oct. 23, 2006.

Apache Corporation is an independent oil and gas exploration and production company with operations in the United States, Canada, the United Kingdom sector of the North Sea, Egypt, Australia and Argentina.