Apache, Chevron Complete Chevron Canada's Entry Into Kitimat LNG

Mon Feb 11, 2013 8:30am EST

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HOUSTON,  Feb. 11, 2013  /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA)
today announced that its subsidiary Apache Canada Ltd. has completed the
previously disclosed transaction with Chevron Canada Limited to build and
operate the Kitimat LNG project and develop world-class natural gas resources at
the Liard and Horn River basins in  British Columbia, Canada.

Chevron  Canada, a subsidiary of Chevron Corp (NYSE: CVX), and Apache Canada
each have become a 50 percent owner of the Kitimat LNG plant, the Pacific Trail
Pipelines and 644,000 gross undeveloped acres in the Horn River and Liard
basins. After a brief transition period, Chevron Canada will assume operatorship
of the LNG plant and the pipeline. Apache  Canada  increased its ownership in
the LNG plant and pipeline from 40 percent and will operate the upstream assets.
Apache's net proceeds from the transaction were  $405 million.  

"With Chevron's LNG experience and Apache's upstream track record, this team is
ideally suited to move this project forward toward delivering the tremendous
resources at Liard and Horn River to meet  Asia's growing demand for LNG," said 
G. Steven Farris, Apache's chairman and chief executive officer.

Liard and Horn River are two of the most prolific shale gas plays in  North
America, with more than 50 trillion cubic feet of resource potential on the
Apache-Chevron acreage.

Encana and EOG Resources - formerly 30 percent non-operating owners in Kitimat
LNG and Pacific Trail Pipelines - sold their interests and exited the venture.  

Kitimat LNG, at Bish Cove on the northern  British Columbia  coast approximately
400 miles (650 km) north of  Vancouver, is currently completing front-end
engineering and design, and early site work is under way. Current plans call for
two liquefaction trains, each with expected capacity of 5 million tons of LNG
per annum (about 750 million cubic feet of gas per day). Kitimat LNG has
received all significant environmental approvals and a 20-year export license
from the Canadian federal government.

The 290-mile (463-km) Pacific Trail Pipelines will provide a direct connection
between the Spectra Energy Transmission pipeline system and the Kitimat LNG
terminal.  The project has strong support from many of the First Nations along
the route.  

About Apache

Apache Corporation is an oil and gas exploration and production company with
operations in  the United States,  Canada,  Egypt, the United Kingdom North Sea,
 Australia  and  Argentina. Apache posts announcements, operational updates,
investor information and copies of all press releases on its website, 

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934.  Forward-looking statements can be identified by words
such as "anticipates," "intends," "plans," "seeks," "believes," "estimates,"
"expects" and similar references to future periods.  These include statements
about schedules, costs and government approvals of development of the Kitimat
LNG project and Pacific Trail Pipelines, LNG marketing activities and future
production and exploration prospects in Western Canada.  While forward-looking
statements are based on assumptions and analyses made by us that we believe to
be reasonable under the circumstances, whether actual results and developments
will meet our expectations and predictions depend on a number of risks and
uncertainties which could cause our actual results, performance, and financial
condition to differ materially from our expectations.  See "Risk Factors" in our
2011 Form 10-K and in our subsequent filings with the Securities and Exchange
Commission for a discussion of risk factors that affect our business.  Any
forward-looking statement made by us in this news release speaks only as of the
date on which it is made.  Factors or events that could cause our actual results
to differ may emerge from time to time, and it is not possible for us to predict
all of them.  We undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future development or
otherwise, except as may be required by law.

Cautionary Note to Investors

The United States Securities and Exchange Commission ("SEC") permits oil and gas
companies, in their filings with the SEC, to disclose only proved, probable, and
possible reserves that meet the SEC's definitions for such terms. Apache uses
certain terms in this release, such as "resource potential," "resource," and
other similar terms that the SEC guidelines strictly prohibit Apache from
including in filings with the SEC.  Such terms do not take into account the
certainty of resource recovery, which is contingent on exploration success,
technical improvements in drilling access, commerciality and other factors, and
are therefore not indicative of expected future resource recovery and should not
be relied upon. Investors are urged to consider carefully the disclosure in
Apache's Annual Report on Form 10-K for the fiscal year ended  Dec. 31, 2011,
and amendments thereto, available from Apache at  www.apachecorp.com  or by
writing Apache at: 2000 Post Oak Blvd., Suite 100,  Houston, Texas  77056 (Attn:
Corporate Secretary). You can also obtain this report from the SEC by calling
1-800-SEC-0330 or from the SEC's website at  www.sec.gov.


SOURCE  Apache Corporation

Media, Bill Mintz, +1-713-296-7276, or John Roper, +1-281-302-2646, or
Investors, Brady Parish, or Castlen Kennedy, +1-713-302-2286

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