Apache Declares Special Cash Dividend of 10 Cents per Common Share

The Board of Directors of Apache Corporation has declared a special cash dividend of 10 cents per common share.

"In recognition of exceptional operational performance, financial results and share price gains in 2007, the board of directors wanted to share the rewards with our employees and our shareholders," said Raymond Plank, chairman and founder. "Because of uncertainties related to global economic conditions and the U.S. elections, the board did not increase the regular quarterly dividend at this time."

The special dividend on the common shares is payable on March 18, 2008, to stockholders of record on Feb. 26, 2008.

The board also declared the regular cash dividends on the company's common shares and Series B Cumulative Preferred Stock.

The regular dividend on the common shares is payable on May 22, 2008, to stockholders of record on April 22, 2008, at the rate of 15 cents per share.

The dividend on the Series B preferred stock is payable April 30, 2008, to holders of record on April 15, 2008. 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 is not currently listed on any exchange.