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Filed Pursuant to Rule 433
September 26, 2008
Relating to
Registration No. 333-141867
Apache Corporation
6.000% Notes due 2013
6.900% Notes due 2018
Pricing Term Sheet
         
Issuer:
  Apache Corporation    
 
        
Anticipated Ratings   A3 / A- / A (Stable / Stable / Negative)
(Moody’s / S&P / Fitch):
        
 
        
Settlement:
  October 1, 2008; T+3    
 
        
Trade Date:
  September 26, 2008    
 
        
Registration:
  Registration Statement    
 
  No. 333 -141867    
 
        
Interest Payment Dates:   Semi-annually on March 15 and September 15, commencing March 15, 2009
 
        
Security Description:
  6.000% Notes due 2013   6.900% Notes due 2018
 
        
Principal Amount:
  $400,000,000   $400,000,000
 
        
Maturity:
  September 15, 2013   September 15, 2018
 
        
Coupon:
  6.000%   6.900%
 
        
Benchmark Treasury:
  3.125% due 8/31/2013   4.000% due 8/15/2018
 
        
Benchmark Treasury Yield:
  3.025%   3.858%
 
        
Spread to Benchmark Treasury:
  +310 bps   +310 bps
 
        
Yield to Maturity:
  6.125%   6.958%
 
        
Initial Price to Public:
  99.476% per Note   99.593% per Note

 

 

         
Redemption Provisions:
  The notes will be redeemable, at the option of Apache Corporation, at any time, in whole or in part, at a redemption price equal to the greater of   The notes will be redeemable, at the option of Apache Corporation, at any time, in whole or in part, at a redemption price equal to the greater of
 
        
 
  (i) 100% of the principal amount and   (i) 100% of the principal amount and
 
        
 
  (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted, on a semi-annual basis, at the treasury yield plus 50 basis points, plus accrued interest to the date of redemption.   (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted, on a semi-annual basis, at the treasury yield plus 50 basis points, plus accrued interest to the date of redemption.
 
        
Denominations:
  $2,000 or any integral multiple of $1,000 in excess thereof   $2,000 or any integral multiple of $1,000 in excess thereof
 
        
CUSIP:
  037411 AU9   037411 AV7
 
        
Joint Book-Running Managers:
  Goldman, Sachs & Co.    
 
  J.P. Morgan Securities Inc.    
 
        
Co-Managers:
  Banc of America Securities LLC    
 
  Citigroup Global Markets Inc.    
Each security rating agency has its own methodology for assigning ratings. Security ratings are not recommendations to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Goldman, Sachs & Co. toll free at (866) 471-2526 or J.P. Morgan Securities Inc. collect at (212) 834-4533.