1. Cook sugar in a dry 12-inch heavy skillet over moderate heat, undisturbed, until it begins to melt. Continue to cook, stirring occasionally with a fork, until sugar is melted into a deep golden caramel, 8 to 10 minutes. Carefully add water, then add Cognac and lemon juice (caramel will harden and steam vigorously) and cook over moderately low heat, stirring, until caramel is dissolved. Stir in apricots and simmer, stirring occasionally, until apricots are tender but still hold their shape, about 10 minutes.
2. Serve warm or at room temperature.

Yield: 4 servings