UPDATE: Apache to double planned cost savings to $300 million
Apache Corp. (APA) said Wednesday it is doubling its estimate for annual cost savings as the oil and gas exploration company takes further action to combat a declining oil price. Houston, Tx.-based Apache said it now expects to achieve annualized general and administrative and lease operating cost cuts of more than $300 million, up from its original target of $150 million announced in October of 2019. Apache will achieve approximately $225 million savings in 2020, after severance and reorganization costs are taken into account. Shares were not yet active premarket but have fallen 84% in the year to date, while the S&P 500 has fallen 20%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 01, 2020 09:46 ET (13:46 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.