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

Apache to double planned cost savings to $300 million

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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 -0.43% 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 +0.49% has fallen 20%.

/zigman2/quotes/200648444/composite
US : U.S.: Nasdaq
$ 16.21
-0.07 -0.43%
Volume: 4.17M
Aug. 11, 2020 12:51p
P/E Ratio
N/A
Dividend Yield
0.62%
Market Cap
$6.15 billion
Rev. per Employee
$2.15M
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/zigman2/quotes/210599714/realtime
US : S&P US
3,376.89
+16.42 +0.49%
Volume: 1.50B
Aug. 11, 2020 12:51p
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