<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q



           [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                  For the Quarterly Period Ended March 31, 2002

                                       OR


          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


   For the Transition Period from ___________________ to _____________________


                         Commission File Number 0-13546

                                   ----------


                     APACHE OFFSHORE INVESTMENT PARTNERSHIP
                     --------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)


                 Delaware                                       41-1464066
     -------------------------------                      ----------------------
     (State or Other Jurisdiction of                         (I.R.S. Employer
     Incorporation or Organization)                       Identification Number)

     Suite 100, One Post Oak Central
2000 Post Oak Boulevard, Houston, TX                           77056-4400
----------------------------------------                       ----------
(Address of Principal Executive Offices)                       (Zip Code)


       Registrant's Telephone Number, Including Area Code: (713) 296-6000



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.


                              YES [X]        NO [ ]



<PAGE>

                         PART I - FINANCIAL INFORMATION


ITEM 1 - FINANCIAL STATEMENTS


                     APACHE OFFSHORE INVESTMENT PARTNERSHIP
                               STATEMENT OF INCOME
                                   (UNAUDITED)


<Table>
<Caption>
                                                  FOR THE THREE MONTHS
                                                    ENDED MARCH 31,
                                              ---------------------------
                                                  2002           2001
                                              ------------   ------------
<S>                                           <C>            <C>
REVENUES:
   Oil and gas sales                          $  1,312,515   $  3,992,734
   Interest income                                   5,428         17,089
                                              ------------   ------------

                                                 1,317,943      4,009,823
                                              ------------   ------------

EXPENSES:
   Depreciation, depletion and amortization        389,926        741,789
   Lease operating expense                         175,153        136,395
   Administrative                                  115,000        135,000
                                              ------------   ------------

                                                   680,079      1,013,184
                                              ------------   ------------

NET INCOME                                    $    637,864   $  2,996,639
                                              ============   ============

NET INCOME ALLOCATED TO:
   Managing Partner                           $    193,233   $    698,709
   Investing Partners                              444,631      2,297,930
                                              ------------   ------------

                                              $    637,864   $  2,996,639
                                              ============   ============

NET INCOME PER INVESTING PARTNER UNIT         $        400   $      2,036
                                              ============   ============


WEIGHTED AVERAGE INVESTING PARTNER
   UNITS OUTSTANDING                               1,110.3        1,128.5
                                              ============   ============
</Table>



                 The accompanying notes to financial statements
                     are an integral part of this statement.



                                       1
<PAGE>

                     APACHE OFFSHORE INVESTMENT PARTNERSHIP
                             STATEMENT OF CASH FLOWS
                                   (UNAUDITED)


<Table>
<Caption>
                                                                        FOR THE THREE MONTHS
                                                                           ENDED MARCH 31,
                                                                    ----------------------------
                                                                        2002            2001
                                                                    ------------    ------------
<S>                                                                 <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                                       $    637,864    $  2,996,639
   Adjustments to reconcile net income to net cash
      provided by operating activities:
         Depreciation, depletion and amortization                        389,926         741,789
         Changes in operating assets and liabilities:
             Decrease in accrued revenues receivable                      52,743         140,275
             Increase (decrease) in accrued operating expenses           (44,292)         33,651
             Increase (decrease) in payable to Apache Corporation       (225,226)       (389,176)
                                                                    ------------    ------------

         Net cash provided by operating activities                       811,015       3,523,178
                                                                    ------------    ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Additions to oil and gas properties                                  (799,023)       (462,132)
   Non-cash portion of oil and gas property additions                   (251,397)       (136,000)
                                                                    ------------    ------------

         Net cash used in investing activities                        (1,050,420)       (598,132)
                                                                    ------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Distributions to Investing Partners                                        --      (2,256,977)
   Distributions to Managing Partner, net                               (181,096)       (313,978)
                                                                    ------------    ------------

         Net cash used in financing activities                          (181,096)     (2,570,955)
                                                                    ------------    ------------

NET DECREASE IN CASH AND CASH EQUIVALENTS                               (420,501)        354,091

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR                           1,883,386       1,442,878
                                                                    ------------    ------------

CASH AND CASH EQUIVALENTS, END OF PERIOD                            $  1,462,885    $  1,796,969
                                                                    ============    ============
</Table>



                 The accompanying notes to financial statements
                     are an integral part of this statement.



                                       2
<PAGE>

                     APACHE OFFSHORE INVESTMENT PARTNERSHIP
                                  BALANCE SHEET
                                   (UNAUDITED)


<Table>
<Caption>
                                                                    MARCH 31,       DECEMBER 31,
                                                                      2002              2001
                                                                 --------------    --------------
<S>                                                              <C>               <C>
                                 ASSETS

CURRENT ASSETS:
   Cash and cash equivalents                                     $    1,462,885    $    1,883,386
   Accrued revenues receivable                                          240,212           292,955
                                                                 --------------    --------------

                                                                      1,703,097         2,176,341
                                                                 --------------    --------------

OIL AND GAS PROPERTIES, on the basis of full cost accounting:
   Proved properties                                                177,207,746       176,408,723
   Less - Accumulated depreciation, depletion and amortization     (169,562,480)     (169,172,554)
                                                                 --------------    --------------

                                                                      7,645,266         7,236,169
                                                                 --------------    --------------

                                                                 $    9,348,363    $    9,412,510
                                                                 ==============    ==============

                    LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accrued exploration and development                           $      163,161    $      414,558
   Accrued operating expenses                                            67,892           112,184
   Payable to Apache Corporation                                        291,536           516,762
                                                                 --------------    --------------

                                                                        522,589         1,043,504
                                                                 --------------    --------------

PARTNERS' CAPITAL:
   Managing Partner                                                     168,365           156,228
   Investing Partners (1,110.3 units outstanding)                     8,657,409         8,212,778
                                                                 --------------    --------------

                                                                      8,825,774         8,369,006
                                                                 --------------    --------------

                                                                 $    9,348,363    $    9,412,510
                                                                 ==============    ==============
</Table>



                 The accompanying notes to financial statements
                     are an integral part of this statement.



                                       3
<PAGE>

                     APACHE OFFSHORE INVESTMENT PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                                   (UNAUDITED)


     The financial statements included herein have been prepared by the Apache
Offshore Investment Partnership (the Partnership), without audit, pursuant to
the rules and regulations of the Securities and Exchange Commission, and reflect
all adjustments which are, in the opinion of management, necessary for a fair
statement of the results for the interim periods, on a basis consistent with the
annual audited financial statements. All such adjustments are of a normal,
recurring nature. Certain information, accounting policies, and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been omitted pursuant to such
rules and regulations, although the Partnership believes that the disclosures
are adequate to make the information presented not misleading. These financial
statements should be read in conjunction with the financial statements and the
summary of significant accounting policies and notes thereto included in the
Partnership's latest annual report on Form 10-K.


1.   PAYABLE TO APACHE CORPORATION

     Payable to Apache Corporation, the Partnership's managing partner (Apache
or the Managing Partner), represents the net result of the Investing Partners'
revenue and expenditure transactions in the current month. Generally, cash in
this amount will be transferred to Apache in the month after the Partnership's
transactions are processed and the net results of operations are determined.


2.   RIGHT OF PRESENTMENT

     As provided in the Partnership Agreement, as amended (the Amended
Partnership Agreement), a first right of presentment offer for 2002 of $8,686
per Unit, plus interest to the date of payment, was made to Investing Partners
in April 2002, based on a valuation date of December 31, 2001. The Partnership
is not in a position to predict how many Units will be presented for repurchase
under the April 2002 offer and cannot, at this time, determine if the
Partnership will have sufficient funds available to repurchase all Units
presented. The Investing Partners have until May 24, 2002 to offer their Units
under the current right of presentment. The Partnership has no obligation to
purchase any Units presented to the extent it determines that it has
insufficient funds for such purchases. The Amended Partnership Agreement
contains limitations on the number of Units that the Partnership can repurchase,
including a limit of 10 percent of the outstanding Units on an annual basis.

3.   NEW ACCOUNTING PRONOUCEMENTS

     In June 2001, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards (SFAS) No. 143 "Accounting for Asset Retirement
Obligations." SFAS No. 143 addresses financial accounting and reporting for
obligations associated with the retirement of tangible long-lived assets and the
associated asset retirement costs. This statement requires companies to record
the fair value of legal obligations associated with the retirement of tangible
long-lived assets in the period in which it is incurred. The liability is
capitalized as part of the related long-lived asset's carrying amount. Over
time, accretion of the liability is recognized as an operating expense and the
capitalized cost is depreciated over the expected useful life of the related
asset. SFAS No. 143 is effective for fiscal years beginning after June 15, 2002,
with earlier adoption encouraged. The Partnership's asset retirement obligations
relate primarily to the dismantlement of offshore platforms. The Partnership
expects to adopt this new standard effective January 1, 2003. The Partnership is
currently evaluating the impact of adopting this new standard and accordingly
has not quantified the impact on the consolidated financial statements.




                                       4
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS


RESULTS OF OPERATIONS

NET INCOME AND REVENUE

     The Partnership reported net income of $.6 million in the first quarter of
2002, versus $3 million in the prior year period. Net income per Investing
Partner Unit decreased 80 percent, from $2,036 to $400 per Unit. Lower oil and
natural gas prices and natural gas production during the first quarter of 2002
contributed to the declines in net income and net income per Investing Partner
Unit.

     Revenues decreased 67 percent, from $4 million in the first quarter of 2001
to $1.3 million in the first quarter of 2002. Natural gas sales represented 56
percent of the Partnership's total revenues during the first quarter of 2002,
compared to 81 percent during the first quarter of 2001.

     The Partnership's oil and gas production volume and price information is
summarized in the following table (gas volumes presented in thousand cubic feet
(Mcf) per day):

<Table>
<Caption>
                                      FOR THE THREE MONTHS
                                         ENDED MARCH 31,
                                     -----------------------      INCREASE
                                        2002         2001        (DECREASE)
                                     ----------   ----------     ----------
<S>                                  <C>          <C>            <C>
Gas volume - Mcf per day                  3,436        4,862         (29)%
Average gas price - per Mcf          $     2.38   $     7.45         (68)%
Oil volume - barrels per day                310          288           8%
Average oil price - per barrel       $    20.64   $    28.37         (27)%
</Table>


FIRST QUARTER 2001 COMPARED TO FIRST QUARTER 2000

     Natural gas production revenues for the first quarter of 2002 totaled $.7
million, down 77 percent from the first quarter of 2001. Natural gas prices for
the first quarter of 2002 decreased 68 percent compared to the year-earlier
period, dropping to $2.38 per Mcf in the current quarter. The $5.07 per Mcf
decline in gas prices from a year ago reduced sales by approximately $2.2
million. Natural gas volumes on a daily basis decreased 29 percent from a year
ago as production continued to decline on the Partnership's aging properties.
Production fell most significantly at Matagorda 681/682 and South Pass 83 due to
natural depletion. Production also fell at North Padre Island 969 as production
was shut-in for a dispute with a pipeline company on increased fees charged for
the transportation of natural gas.

     The Partnership's crude oil production revenues for the first quarter of
2002 totaled $.6 million, a 21 percent decrease from the first quarter of 2001.
An eight percent increase in oil production was more than offset by the impact
of a $7.73 per barrel decline in average realized oil prices from a year ago.
Oil production increased from last year due to new wells added at South
Timbalier 295 during the second half of 2001 and a recompletion at Ship Shoal
259 in 2001.

     Declines in oil and gas production can be expected in future periods due to
natural depletion. Given the small number of producing wells owned by the
Partnership, and the fact that offshore wells tend to decline at a faster rate
than onshore wells, the Partnership's future production will be subject to more
volatility than those companies with greater reserves and longer-lived
properties. At December 31, 2001, South Timbalier Block 295 accounted for
approximately 66 percent of the Partnership's projected remaining equivalent
proved reserves and 61 percent of discounted future net cash flows relating to
proved reserves.

OPERATING EXPENSES

     The Partnership's depreciation, depletion and amortization (DD&A) rate,
expressed as a percentage of oil and gas sales, was approximately 30 percent
during the first quarter of 2002 compared to 19 percent during the same period
in 2001.



                                       5
<PAGE>

     Lease operating expense (LOE) in the first quarter of 2002 increased 28
percent from the first quarter of 2001 due to higher repair and maintenance
costs in the current quarter.


CASH FLOW, LIQUIDITY AND CAPITAL RESOURCES

CAPITAL RESOURCES AND LIQUIDITY

     The Partnership's primary capital resource is net cash provided by
operating activities, which was $.8 million for the first three months of 2002.
Net cash provided by operating activities in the first quarter of 2002 was down
77 percent from a year ago due to the decreases in oil and gas prices and lower
natural gas production. Future cash flows will be influenced by fluctuations in
product prices, production levels and operating costs.

CAPITAL COMMITMENTS

     The Partnership's primary needs for cash are for operating expenses,
drilling and recompletion expenditures, distributions to Investing Partners, and
the purchase of Units offered by Investing Partners under the right of
presentment.

     During the first three months of 2002, the Partnership's oil and gas
property additions totaled $.8 million as the Partnership continued to
participate in drilling at South Timbalier Block 295. Current expenditures were
primarily for drilling costs on the South Timbalier B-2 and B-3 wells. Neither
well had been completed as of the end of the first quarter. Based on information
supplied by the operators of the properties, the Partnership anticipates capital
expenditures of approximately $1 million for the remainder of 2002, primarily
for drilling and recompletions at South Timbalier Block 295. Such estimates may
change based on realized prices, drilling results or changes by the operator to
the development plan.

     The Partnership made no distributions to Investing Partners during the
first quarter of 2002 due to low oil and gas price realizations during the
quarter and the comparatively high level of capital cost from drilling
activities. The amount of future distributions will be dependent on actual and
expected production levels, realized and expected oil and gas prices, expected
drilling and recompletion expenditures, and prudent cash reserves for future
dismantlement and abandonment costs that will be incurred after the
Partnership's reserves are depleted.

     As provided in the Amended Partnership Agreement, a first right of
presentment offer for 2002 of $8,686 per Unit, plus interest to the date of
payment, was made to Investing Partners in April 2002, based on a valuation date
of December 31, 2001. The Partnership is not in a position to predict how many
Units will be presented for repurchase under the April 2002 offer and cannot, at
this time, determine if the Partnership will have sufficient funds available to
repurchase any Units. The Investing Partners have until May 24, 2002 to offer
their Units under the current right of presentment. The Partnership has no
obligation to purchase any Units presented to the extent it determines that it
has insufficient funds for such purchases. The Amended Partnership Agreement
contains limitations on the number of Units that the Partnership can repurchase,
including a limit of 10 percent of the outstanding Units on an annual basis.


FORWARD-LOOKING STATEMENTS AND RISK

     Certain statements in this report, including statements of the future
plans, objectives, and expected performance of the Partnership, are
forward-looking statements that are dependent on certain events, risks and
uncertainties that may be outside the Partnership's control, and which could
cause actual results to differ materially from those anticipated. Some of these
include, but are not limited to, the market prices of oil and gas, economic and
competitive conditions, inflation rates, legislative and regulatory changes,
financial market conditions, political and economic uncertainties of foreign
governments, future business decisions, and other uncertainties, all of which
are difficult to predict.

     There are numerous uncertainties inherent in estimating quantities of
proved oil and gas reserves and in projecting future rates of production and
timing of development expenditures. The total amount or timing of actual future
production may vary significantly from reserves and production estimates. The
drilling of exploratory wells can involve significant risks, including those
related to timing, success rates and cost overruns. Lease and rig availability,
complex geology and other factors can affect these risks. Fluctuations in oil
and gas prices, or a prolonged period of low prices, may substantially adversely
affect the Partnership's financial position, results of operations and cash
flows.



                                       6
<PAGE>

COMMODITY RISK

     The Partnerships's major market risk exposure is in the pricing applicable
to its oil and gas production. Realized pricing is primarily driven by the
prevailing worldwide price for crude oil and spot prices applicable to its
natural gas production. Historically, prices received for oil and gas production
have been volatile and unpredictable and price volatility is expected to
continue. The Partnership did not use derivative financial instruments or
otherwise engage in hedging activities during 2001 or the first three months of
2002.



                                       7
<PAGE>

PART II - OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

         None.

ITEM 2.  CHANGES IN SECURITIES

         None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         None.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None.

ITEM 5.  OTHER INFORMATION

         None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         a.   Exhibits - None.

         b.   Reports filed on Form 8-K.

              The following current report on Form 8-K was filed by the
              Partnership during the fiscal quarter ended March 31, 2002:

              Item 4 - Changes in Registrant's Certifying Accountant - dated
              March 29, 2002, filed April 2, 2002.

              On March 29, 2002, Apache Corporation, the sole General Partner of
              the Partnership, determined (i) not to engage Arthur Andersen LLP
              to act as the Partnership's independent public accountants and
              (ii) to engage Ernst & Young LLP to serve as the Partnership's
              independent public accountants for the fiscal year ending December
              31, 2002.



                                       8
<PAGE>

                                   SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.


                                       APACHE OFFSHORE INVESTMENT PARTNERSHIP
                                       By: Apache Corporation, General Partner



Dated: May 13, 2002                    /s/ Roger B. Plank
                                       -----------------------------------------
                                       Roger B. Plank
                                       Executive Vice President and Chief
                                       Financial Officer


Dated: May 13, 2002                    /s/ Thomas L. Mitchell
                                       -----------------------------------------
                                       Thomas L. Mitchell
                                       Vice President and Controller
                                       (Chief Accounting Officer)