Apache to double planned cost savings to $300 million

Apache Corp. APA, +1.70% 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 cost cuts of more than $300 million, up from its original target of $150 million announced in October of 2019. About $225 million of that total includes severance and reorganization costs it expects to achieve in 2020. Shares were not yet active premarket but have fallen 84% in the year to date, while the S&P 500 SPX, -1.60% has fallen 20%.

Source: marketwatch.com

Published: 01-04-2020