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SOURCE Apache Corporation
HOUSTON, May 15, 2014 /PRNewswire/ -- The Board of Directors of Apache Corporation (NYSE, Nasdaq: APA) today announced that it has authorized repurchasing an additional 10 million Apache common shares, supplementing the 30-million-share authorization announced in May 2013.
Apache has purchased 24.3 million shares for approximately $2.1 billion under the prior authorization.
"Apache's portfolio has been rebalanced for predictable and profitable growth driven by our oil- and liquids-rich onshore North America assets," said G. Steven Farris, chairman, chief executive officer and president. "The board has increased the buyback authorization because of its confidence in Apache's ability to continue to execute our future growth plans. We continue to see our stock as a compelling investment at current levels."
Apache's Board of Directors also declared the regular quarterly cash dividend of 25 cents per share on the company's common shares. The dividend is payable on Aug. 22, 2014, to stockholders of record on July 22, 2014. Apache has paid a common dividend to stockholders since 1965, and has increased the dividend 67 percent since 2012.
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom and Australia. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com, and on its Media and Investor Center mobile application, which is available for free download from the Apple App Store and the Google Play Store.
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 statements include, but are not limited to, statements about future plans, expectations and objectives for Apache's operations, including statements about our drilling plans and production expectations, asset sales and monetizations and share repurchases. 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 2013 Form 10-K filed 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.
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