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Business Description
Apache Corporation is an energy company that explores for, develops and produces natural gas, crude oil and natural gas liquids. The Company has interests in seven countries: the United States, Canada, Egypt, Australia, China, Poland and Argentina. As of December 31, 2001, Apache had total estimated proved reserves of 599 million barrels of crude oil, condensate and NGLs (natural gas liquids) and four Tcf (trillion cubic feet) of natural gas. Combined, these total estimated proved reserves are equivalent to 1.3 billion barrels of oil or 7.6 Tcf of gas. Worldwide, in 2001, the Company participated in drilling 939 gross new wells, with 828 (88%) completed as producers. Canada was the most active region, drilling 447 gross new wells with a success rate of 93%. The Company also performed over 1,350 major workovers and recompletions in North America during the year.

Financial Information
Apache Corporation is an independent energy company that explores for, develops, and produces natural gas, crude oil and natural gas liquids. For the six months ended 6/30/02, total revenues fell 27% to $1.17 billion. Net income applicable to Common fell 54% to $219 million. Revenues reflect lower crude oil and natural gas prices. Net income reflects an increase in lease operating costs and a $4.6 million international impairment charge.