Apache makes layoffs and slashes rigs to zero in Permian Basin


Apache reported Friday that the company has cut $1.3 billion from this year’s capital spending budget, reducing the company’s annual dividend by $340 million and cutting $150 million in other expenses. The company previously announced a $700 million capital spending cut.

The further reductions come two weeks after Apache announced that the company would reduce its Permian Basin rig count to zero and a week after laying off 85 employees at its Midland office. Standard & Poor’s reduced Apache’s credit rating from BBB to BB+ on Thursday.

Source: Houston Chronicle