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Report on Apache Corporation (APA)

Report on Apache Corporation (APA) -- March 23, 2000
TO:  HPD Investment Group         
FR:  Nancy Montague, For March meeting

1.  (market price/share as of close of market, 3/22/00 - $43.25)
Shares owned:  22
Market value:   $951.50
Cost basis:        $774     ($35.19/share, inc. commission)
Percent gain:   22.89%

2.	 Research - 16 Strong Buy; 8 moderate buy; 5 hold  -- As you all
know, the price of oil is very high.  There is starting to be political
pressure to control it - that may explain why oil company stocks aren't
higher than they are.

3.	From Feb. 25 Valueline:  "Apache finished 1999 in fine fashion.
After losing money earlier in the year, the company posted record earnings
in the fourth qtr.  Altho the sharp rise in prices for oil and natural gas
were the primary factor, APA has also benefited from increased production
levels and lower per unit operating costs.  Compared to the prior year, oil
production surged 60% to 108,600 bbd, and gas production climbed 27% to 731
MMcf/day during the 4th qtr.  A large part of the gains was driven by recent
acquisitions, including the purchase of 22 fields in the Gulf of Mexico, as
APA spent $1.4 billion acquiring properties in 1999. Consequently, APA
increased reserves by 32% last year, to 807 million barrels of oil

	These shares are timely ..... but the company's sensitivity to
volatile energy prices makes these shares appropriate only for aggressive

4.	Tuesday Feb 22, -- SOURCE: Apache Corporation
Apache Declares Quarterly Cash Dividend -- HOUSTON, Feb 22 /press release/
-- The Board of Directors of Apache Corporation (NYSE: APA - news) declared
the regular quarterly dividend on the company's common stock.   The dividend
is payable April 28, 2000, to shareholders of record on March 31, 2000, at
the rate of $.07 per share.  
Apache also announced that it has changed the dividend payment dates from
quarterly to annual;  they have a DRIP - do we want to participate in it?

5.	In February, Apache reported discoveries on properties in Egypt-3
different ones (oil); and one in Canada (gas)