Job Cuts / Downsize / Layoff
After Destroying Billions in Value; Apache To Layoff 85+ Workers
Print
|
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."
More Job Cuts / Downsize / Layoff News
Exxon to Cut Corporate Workforce 5-10 Percent Annually
ExxonMobil is launching an initiative to reduce its workforce during the next three to five year period, according to a report by Bloomberg. Citing people familiar with the…
Marathon Trims Workforce by 100 Employees (5%), Reduces Exec Pay
Marathon Oil has cut approximately 5% of its workforce, according to a report by Reuters. Out of a total of ~2,000 workers, around 100 employees were let go…
Shell to Cut 700 Workers As It Shutters Louisiana Refinery
Royal Dutch Shell will be slimming its workforce by almost 700 as a result of the closure of its Convent Louisiana refinery, according to multiple reports. The layoff…
Parsley to Lay Off Austin Team as Part of Merger with Pioneer
Parsley Energy will lay off most of its Austin, Texas workforce as part of its sale to Pioneer Natural Resources, according to a notice to the Texas Workforce…
Exxon to Cut 700 Houston-Based Employees from Workforce
ExxonMobil will lay off more than 700 workers in the Houston area, according to a warn notice sent to the Texas Workforce Commission. The compay previously disclosed it…
Permian News
Why $90 Oil Isn’t Bringing Back the Rigs
Higher oil prices are not translating cleanly into a drilling response across U.S. shale, and company disclosures are starting to show why. The issue is not simply capital…
These Three Companies Will Increase Drilling & Completion Over The Next 3 Year
In the span of fifteen months, three Japanese energy companies committed more than $10.3 billion to U.S. natural gas production assets — a buying spree that has transferred…
Q1 A&D Transactions Jump to $30B , While Deal Flow Was Down 40%
The first quarter of 2026 has officially defined the "Barbell Era" of American oil and gas. While the total number of deals plummeted by 46% YoY (dropping to…
Wright to U.S. Oil Industry: The Price Signal Is Telling You to Drill
Energy Secretary Chris Wright stood in front of the largest gathering of oil executives in the world this morning and delivered a message that was equal parts market…
Apa Corp : Doing More With Less
APA's 2025 narrative was one of operational surprise. The company came in beating production guidance every single quarter while spending below plan, capturing over $300MM in cost savings…