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Apache Doubles G&A Cost Reductions to $300 Million
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Apache Corp. provided an update regarding the cost savings associated with its previously announced organizational redesign.
Apache now expects to deliver an annualized G&A and LOE cost reduction in excess of $300 million, up from an original target of $150 million. Approximately $225 million of the identified savings, which includes the impact of severance and reorganization costs, will be achieved in 2020.
Earlier this year, Apache initiated layoffs at its San Antonio offices after its Alpine High play failed to measure up to its much-hyped expectations.
John J. Christmann, Apache's chief executive officer and president, said: "We have made substantial progress on our organizational redesign initiative, which began in the fall of 2019. This is enabling more flexible resource allocation and increased collaboration while delivering cost savings that are critical in the current environment. Together with our talented team members and diverse asset portfolio, our new organizational structure is already enabling Apache to be more agile and respond quickly to changing commodity price environments."
Apache announced an organizational redesign effort in October of 2019 to streamline the business and improve operational efficiencies. The new organization goes into effect today, April 1, 2020.
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