Bulletin
Investor Alert

Market Pulse Archives

April 1, 2020, 9:46 a.m. EDT · CORRECTED

Apache to double planned cost savings to $300 million

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Apache Corp. (APA)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Ciara Linnane

An earlier version of this report had a mistake regarding the savings to be achieved once severance and reorganization costs are included. It has been corrected.

Apache Corp. /zigman2/quotes/200648444/composite APA +1.00% 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 /zigman2/quotes/210599714/realtime SPX +0.24% has fallen 20%.

/zigman2/quotes/200648444/composite
US : U.S.: NYSE
$ 12.17
+0.12 +1.00%
Volume: 10.42M
May 22, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.82%
Market Cap
$4.59 billion
Rev. per Employee
$2.15M
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
2,955.45
+6.94 +0.24%
Volume: 2.19B
May 22, 2020 5:09p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.