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EXHIBIT 99.3
[Apache Corporation Letterhead]
CONTACTS:
(Media): Bill Mintz (713/296-7276)
Tony Lentini (713/296-6227)
(Investor): Robert Dye (713/296-6662)
(Web site): www.apachecorp.com
FOR RELEASE AT 10:00 A.M. CENTRAL TIME
APACHE'S SECOND QUARTER EARNINGS
EXPECTED TO BEAT ANALYSTS' ESTIMATES
Houston, July 20, 2000--Apache Corporation (NYSE: APA) today announced
that it expects second-quarter 2000 earnings to exceed Wall Street analysts'
expectations.
The company anticipates reporting second-quarter basic net income of
approximately $1.22 per common share and cash from operations of approximately
$3.00 per common share. In the same quarter a year ago, Apache reported net
income of 28 cents per common share and cash from operations of $1.45 per common
share. Apache attributed this year's improved performance to higher oil and gas
production volumes and prices.
Wall Street analysts on average expect Apache to report second-quarter
basic net income of $1.08 per common share, according to First Call/Thompson
Financial, which tracks earnings data. Apache will release its second-quarter
2000 results as scheduled on July 27.
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APACHE EARNINGS TO BEAT FORECAST- ADD 1
Apache Corporation is a gas and oil independent with operations in the
United States, Canada, Egypt, Western Australia, Poland and China.
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The foregoing news release contains certain "forward-looking statements"
as defined by the Private Securities Litigation Reform Act of 1995 including,
without limitation, expectations, beliefs, plans and objectives regarding
Apache's earnings. Any matters that are not historical facts are forward-looking
and, accordingly, involve estimates, assumptions and uncertainties. There is no
assurance that Apache's expectations will be realized, and actual results may
differ materially from those expressed in the forward-looking statements.
