Apache Corporation Financial
There are a number of U.S. companies in the oil industry that are involved in exploration and development of crude oil. One of the most prominent in the industry is the Apache Corporation Financial. Apache is an independent energy company that is involved in the exploration and production of crude oil, natural gas, and natural liquids. Apache Corporation has several operations located around the world in countries such as the U.S., Argentina, Canada, Egypt, The United Kingdom North Sea, and Australia. Its main headquarters, however, reside in Houston, Texas.
Apache Corporation Financial was originally founded as Apache Oil Company in Minnesota back in 1954. The company was founded by Truman Anderson, Raymond Plank, and Charles Arnao. Their first oil fields were drilled between Tulsa and Oklahoma City. Their first well ever drilled only produced seven barrels but the second well they drilled produced 700 barrels of oil a day. By 1969, the company was doing so well, they were listed on the New York Stock Exchange. By 1981, the Apache Oil Company was changed to the Apache Petroleum Company, the first master limited partnership within the U.S.
In 1987, Apache went through a period of restructuring and eventually moved its headquarters to Houston. The move brought about a series of company growth. In 2003, Apache purchased the Forties Field which is the largest oil field in the UK North Sea. As Apache's largest asset, the Forties Field has produced over 2 million barrels of oil since its discovery in 1970 by the BP oil company. The field is ranked number eight in the world in production and reserves. The acquisition cost the company over $600 million but also gave the company approximately 148 million barrels. However, the largest oil deposit Apache Corporation Financial ever discovered was Qasr 1X, located in the south-central region of Egypt.
In 2007, Apache Corporation Financial's year-end earnings reached $2.8 billion which brought the company's shares to $8.39. As of 2009, Apache Corporation Financial's market capital was estimated at $23 billion. Their reserves are half in crude oil and half in natural gas. Apache was also ranked No.30 in BusinessWeek's annual list of World's Best Companies.
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