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Apache Cuts 270 Employees as it Shutters San Antonio Office
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Apache Corp. is shutting down its San Antonio, TX office, according to multiple reports.
The closure will result in a reduction in staff totaling approximately 270 layoffs.
This move is part of Apache's plan to reduce its total workforce by 10-15% in the near-term (it is estimated that a total of 500 employees will be displaced as part of the initiative, according to the Houston Chronicle).
It's unclear what the closure means for its much-hyped Alpine High asset, which was likely managed out of its San Antonio offices.
In November 2019, the company reported decreasing activity at Alpine High, commenting: "At Alpine High, we have reduced our drilling activity to two rigs and have chosen to defer some fourth quarter completions into 2020. This lower activity set combined with a decrease production outlook on one of our multi-well pads has results in an approximate 5% reduction in our fourth quarter Alpine High guidance. Internationally, third quarter production was in line with guidance and our outlook for the fourth quarter is unchanged."
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