APACHE CORPORATION
2000 POST OAK BOULEVARD
ONE POST OAK CENTER, SUITE 100
HOUSTON, TX 77056-4400
www.apachecorp.com

UPGRADE  &  DOWNGRADE  HISTORY

Date Grading From To Analyst
9-Mar-01 INITIATED   at Buy   Josephthal & Co
27-Feb-01 UPGRADE   Hold  Buy McDonald Invst
24-Jan-01 UPGRADE   LT Buy  Buy JP Morgan
19-Jan-01 DOWNGRADE   Buy  Hold CIBC World Markets
27-Nov-00 INITIATED  at Hold   McDonald Invst
15-Nov-00 UPGRADE   Outperform  Buy Lehman Brothers
7-Nov-00 INITIATED   at Buy   Deutsche Bc Alex. Br
31-Oct-00 UPGRADE   Buy  Strong Buy ING Barings
10-Oct-00 UPGRADE   Buy  Strong Buy Frost Securities
10-Oct-00 UPGRADE   Market Outperform  Strong Buy Robert W. Baird
10-Oct-00 UPGRADE   Buy Aggressive  Strong Buy Aggress Dain Rauscher Wessels
25-Sep-00 DOWNGRADE   Strong Buy  Market Outperform Robert W. Baird
13-Sep-00 INITIATED   at Buy   ING Barings
28-July-00 UPGRADE   Market Perform  Buy Banc of America Sec
24-July-00 UPGRADE   Neutral  Buy Aggressive Dain Rauscher Wessels
21-July-00 UPGRADE   Market Perform  Buy Deutsche Bc Alex. Br
5-July-00 DOWNGRADE   Buy  Neutral Dain Rauscher Wessels
30-June-00 INITIATED   at Accumulate   Prudential
19-May-00 DOWNGRADE   Strong Buy  Buy CSFB
14-Apr-00 DOWNGRADE   Strong Buy  Outperform Morgan Stanley Dean Witter
11-Apr-00 INITIATED   at Buy   PaineWebber
21-Mar-00 INITIATED   at Buy   Salomon Smith Barney
2-Feb-00 INITIATED   at Buy   George K. Baum
2-Feb-00 INITIATED   at Strong Buy   JC Bradford
6-Jan-00 UPGRADE   Market Perform  Buy DLJ
22-Dec-99 INITIATED   at Buy   Frost Securities
21-Dec-99 INITIATED   at Buy   CIBC World Markets
10-Dec-99 UPGRADE   Buy  Strong Buy CSFB
9-Dec-99 UPGRADE   Outperform  Strong Buy Morgan Stanley Dean Witter
8-Nov-99 UPGRADE   Neutral  Outperform Salomon Smith Barney
27-Sep-99 UPGRADE   Attractive  Buy PaineWebber
22-Sep-99 UPGRADE   Hold  Buy CSFB
14-Sep-99 DOWNGRADE   Buy  Hold CSFB
24-Aug-99 UPGRADE   Hold  Buy ING Barings
10-Aug-99 DOWNGRADE   Buy  Long Term Buy JP Morgan
6-July-99 DOWNGRADE   Strong Buy  Buy CSFB
4-June-99 DOWNGRADE   Buy  Hold Banc of America Sec
18-May-99 UPGRADE   Market Outperform  Recommended List Goldman Sachs
3-May-99 UPGRADE   NT Accumulate  NT Buy Merrill Lynch
30-Apr-99 DOWNGRADE   Buy  Hold ING Barings
30-Apr-99 UPGRADE   Accumulate  Buy FAC/Eqts Fst Albany
30-Apr-99 UPGRADE   Neutral  Buy Dain Rauscher
30-Apr-99 UPGRADE   Attractive  Buy Bear Stearns
28-Apr-99 UPGRADE   Buy  Strong Buy CIBC Oppenheimer
25-Mar-99 UPGRADE   Perform In Line  Outperform Signif Schroder & Co
11-Mar-99 UPGRADE   Hold  Buy Jefferies & Co
20-Jan-99 DOWNGRADE   Buy  Market Perform JP Morgan