Apache Corporation Doubles Estimate of Annual Cost Savings From Recent Organizational Redesign

About this update from Apa Corporation

[{"type":"text","content":"HOUSTON, April 01, 2020 (GLOBE NEWSWIRE) -- Apache Corporation (NYSE, Nasdaq: APA) today 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.\n “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,” said John J. Christmann, Apache’s chief executive officer and president. “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. About Apache Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom and exploration activities offshore Suriname. Apache posts announcements, operational updates, investor information and all press releases on its website, www.apachecorp.com. Forward-looking statements This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations and objectives for Apache’s operations, including statements about our capital plans, drilling plans, production expec...

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