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According to state officials, Apache Corp began its layoff of last wednesday and will continue through May 18th. According to the WARN letter, more than 85 employees will be affected. The affected employees worked at the Veterans Airpark Land office.
On March 12th the company said it was reducing it Permian rig count to zero over the coming months. The company also said it is cutting $650 million from its capex budget which is down -54% vs last year.
Most recently Apache said it was disconnecting operations in the Alpine High assets taking a $3 billion write down of the asset. The company said it will let most of the 240,000 acres expire.
"So today it – we've got about 240,000 acres, there's about 200 of it that will kind of expire over the next three years and there's some optionality there. But if you look at the macro environment today, if we got back to an NGL market, where we were late 2018 then there's definitely some things that would be economic but how does it compete in our portfolio is another question. And so that's why we made the decision we made today."
Related Categories :
Job Cuts / Downsize / Layoff
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