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%.
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.