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                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C.  20549



                                   FORM  8-K



                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE

                        SECURITIES EXCHANGE ACT OF 1934




       Date of Report (Date of earliest event reported): January 31, 1996




                               APACHE CORPORATION
             (Exact name of registrant as specified in its charter)




DELAWARE                             1-4300                           41-0747868
(State or other jurisdiction      (Commission                   (I.R.S. Employer
of incorporation)                 File Number)                    Identification
                                                                         Number)




                            2000 POST OAK BOULEVARD
                                   SUITE 100
                           HOUSTON, TEXAS  77056-4400
                    (Address of Principal Executive Offices)

      Registrant's telephone number, including area code:  (713) 296-6000
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ITEM 5.  OTHER EVENTS

PREFERRED STOCK PURCHASE RIGHTS

        On December 14, 1995, the Board of Directors of Apache Corporation (the
"Company") declared a dividend of one right (a "Right") for each outstanding
share of common stock, par value $1.25 per share, of the Company (the "Common
Stock").  As of December 31, 1995, there were 77,378,958 shares of Common Stock
outstanding.  The dividend is payable on January 31, 1996 (the "Record Date")
to the stockholders of record on that date.  Each Right entitles the registered
holder to purchase from the Company one ten-thousandth of a share of Series A
Junior Participating Preferred Stock, no par value per share (the "Preferred
Stock") of the Company at a price of $100 per one ten-thousandth of a share of
Preferred Stock (the "Purchase Price"), subject to adjustment.  The description
and terms of the Rights are set forth in a Rights Agreement dated as of January
31, 1996, as the same may be amended from time to time (the "Rights
Agreement"), between the Company and Norwest Bank Minnesota, N.A., as Rights
Agent (the "Rights Agent").

        Until the earlier to occur of (i) 10 calendar days following a public
announcement that a person or group of affiliated or associated persons (an
"Acquiring Person") has acquired beneficial ownership of 20% or more of the
outstanding shares of Common Stock or (ii) 10 business days (or such later date
as may be determined by action of the Company's Board of Directors prior to
such time as any person or group of affiliated persons becomes an Acquiring
Person) following the commencement of, or announcement of an intention to make,
a tender offer or exchange offer the consummation of which would result in the
beneficial ownership by a person or group of 30% or more of the outstanding
shares of Common Stock (the earlier of such dates being called the
"Distribution Date"), the Rights will be evidenced, with respect to any of the
Common Stock certificates outstanding as of the Record Date, by such Common
Stock certificate together with a copy of the Summary of Rights to Purchase
Shares of Preferred Stock of Apache Corporation ("Summary of Rights").  The
Summary of Rights is listed below as Exhibit 99.1 and is incorporated herein by
reference.

        The Rights Agreement provides that, until the Distribution Date (or
earlier redemption or expiration of the Rights), the Rights will be transferred
with and only with the Common Stock.  Until the Distribution Date (or earlier
redemption or expiration of the Rights), any Common Stock certificate issued
after the Record Date upon transfer or new issuances of Common Stock will
contain a notation incorporating the Rights Agreement by reference.  Until the
Distribution Date (or earlier redemption or expiration of the Rights), the
surrender for transfer of any certificates for shares of Common Stock
outstanding as of the Record Date, even without such notation or a copy of the
Summary of Rights, will also constitute the transfer of the Rights associated
with the shares of Common Stock represented by such certificate.  As soon as
practicable following the Distribution Date, separate certificates evidencing
the Rights ("Right Certificates") will be mailed to holders of record of the
Common Stock as of the close of business on the Distribution Date and such
separate Right Certificates alone will evidence the Rights.




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        The Rights are not exercisable until the Distribution Date.  The Rights
will expire on January 31, 2006 (the "Final Expiration Date"), unless the Final
Expiration Date is extended or unless the Rights are earlier redeemed or
exchanged by the Company, in each case as described below.

        The Purchase Price payable, and the number of shares of Preferred Stock
or other securities or property issuable, upon exercise of the Rights is
subject to adjustment from time to time to prevent dilution (i) in the event of
a stock dividend on, or a subdivision, combination or reclassification of, the
Preferred Stock, (ii) upon the grant to holders of the Preferred Stock of
certain rights or warrants to subscribe for or purchase Preferred Stock at a
price, or securities convertible into Preferred Stock with a conversion price,
less than the then-current market price of the Preferred Stock or (iii) upon
the distribution to holders of the Preferred Stock of evidences of indebtedness
or assets (excluding regular periodic cash dividends or dividends payable in
Preferred Stock) or of subscription rights or warrants (other than those
referred to above).

        The number of outstanding Rights is subject to adjustment in the event
of a stock dividend on the Common Stock payable in shares of Common Stock or
subdivisions, consolidations or combinations of the Common Stock occurring, in
any such case, prior to the Distribution Date.

        Shares of Preferred Stock purchasable upon exercise of the Rights will
not be redeemable.  The holders of Preferred Stock will be entitled, when, as
and if declared, to a preferential quarterly dividend payment equal to the
greater of $100 per share or 10,000 times the dividend declared per share of
Common Stock.  In the event of liquidation, the holders of the Preferred Stock
will be entitled to a minimum preferential liquidation payment of $100 per
share (plus any accrued but unpaid dividends) and an aggregate payment of
10,000 times the payment made per share of Common Stock.  The holders of
Preferred Stock will have 10,000 votes per share of Preferred Stock, voting
together with the Common Stock.  Finally, in the event of any merger,
consolidation or other transaction in which shares of Common Stock are
converted or exchanged, holders of each share of Preferred Stock will be
entitled to receive 10,000 times the amount received per share of Common Stock.
These rights are protected by customary antidilution provisions.

        Because of the nature of the Preferred Stock's dividend, liquidation
and voting rights, the value of the one ten-thousandth interest in a share of
Preferred Stock purchasable upon exercise of each Right should approximate the
value of one share of Common Stock.

        In the event that any person or group of affiliated or associated
persons becomes an Acquiring Person, each holder of a Right, other than Rights
beneficially owned by the Acquiring Person (which will thereupon become void),
will thereafter have the right to receive upon exercise of a Right at the
then-current exercise price of the Right, that number of shares of Common Stock
having a market value of two times the exercise price of the Right, and shall
have no right thereafter to receive shares of Preferred Stock.

        In the event that, after a person or group has become an Acquiring
Person, the Company is acquired in a merger or other business combination
transaction or 50% or more of its consolidated 




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assets or earning power are sold, proper provisions will be made so that each
holder of a Right (other than Rights beneficially owned by an Acquiring Person
which will have become void) will thereafter have the right to receive, upon
the exercise thereof at the then-current exercise price of the Right, that
number of shares of common stock of the person with whom the Company has
engaged in the foregoing transaction (or its parent), which number of shares at
the time of such transaction will have a market value of two times the exercise
price of the Right.
        
        At any time after any person or group becomes an Acquiring Person and
prior to the earlier of one of the events described in the previous paragraph
or the acquisition by such person or group of 50% or more of the outstanding
shares of Common Stock, the Board of Directors of the Company may exchange the
Rights (other than Rights owned by such person or group which will have become
void), in whole or in part, for shares of Common Stock or Preferred Stock (or a
series of the Company's preferred stock having equivalent rights, preferences
and privileges), at an exchange ratio of one share of Common Stock, or a
fractional share of Preferred Stock (or other preferred stock) equivalent in
value thereto, per Right.

        With certain exceptions, no adjustment in the Purchase Price will be
required until cumulative adjustments require an adjustment of at least 1% in
such Purchase Price.  No fractional shares of Preferred Stock will be issued
(other than fractions which are integral multiples of one ten-thousandth of a
share of Preferred Stock, which may, at the election of the Company, be
evidenced by depositary receipts), and in lieu thereof an adjustment in cash
will be made based on the market price of the Preferred Stock on the last
trading day prior to the date of exercise.

        At any time prior to the time an Acquiring Person becomes such, the
Board of Directors of the Company may redeem the Rights in whole, but not in
part, at a price of $.01 per Right (the "Redemption Price").  The redemption of
the Rights may be made effective at such time, on such basis and with such
conditions as the Board of Directors in its sole discretion may establish.
Immediately upon any redemption of the Rights, the right to exercise the Rights
will terminate and the only right of the holders of Rights will be to receive
the Redemption Price.

        For so long as the Rights are then redeemable, the Company may, except
with respect to the redemption price, amend the Rights in any manner.  After
the Rights are no longer redeemable, the Company may, except with respect to
the redemption price, amend the Rights in any manner that does not adversely
affect the interests of holders of the Rights.

        Until a Right is exercised, the holder thereof, as such, will have no
rights as a stockholder of the Company, including, without limitation, the
right to vote or to receive dividends.

        This summary description of the Rights does not purport to be complete
and is qualified in its entirety by reference to the Rights Agreement, as the
same may be amended from time to time, which is listed below as Exhibit 99.2
and incorporated herein by reference.




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ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

         (c)              Exhibits

EXHIBIT DOCUMENT - ------- -------- 99.1 Summary of Rights (incorporated by reference to Exhibit (b) to Apache's Registration Statement on Form 8-A, dated January 24, 1996, SEC File No. 1-4300). 99.2 Rights Agreement, dated as of January 31, 1996, between Apache and Norwest Bank Minnesota, N.A., as Rights Agent (incorporated by reference to Exhibit (a) to Apache's Registration Statement on Form 8-A, dated January 24, 1996, SEC File No. 1-4300).
5 6 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. APACHE CORPORATION Date: February 1, 1996 /s/ Z. S. KOBIASHVILI ------------------------------------ Z. S. Kobiashvili Vice President and General Counsel 6