Apache set to cut jobs

Getty

Getty

Houston-based Apache Corp. (NYSE: APA) announced today that it will begin laying off up to 5 percent of its total workforce.

The company has around 5,000 employees worldwide and reports that the layoffs are not concentrated in Houston, nor do they target a particular job function.

According to an Apache spokesperson in a statement, “The decision to part with employees is always a very difficult one, and it’s a step we took after pursuing other measures including a slowdown in activity and reduction in budgets given the current price environment.”

Back in November the company reported plans to cut spending by reducing its 2015 North American onshore budget to $4 billion, down $1.4 billion from 2014’s budget of $5.4 billion. Also, after adjusting for sales of assets, Apache expects a 12 to 15 percent increase in oil and natural gas liquids output in North America. Read more…

Investors have pressured the company to focus primarily on US shale production and to divest international assets further.

Apache is following a trend of many Houston-based oil services providers that have recently cut their budgets due to record low crude oil prices.

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