Apache Corporation Announces Revised Capital Guidance and Dividend Reduction
APA Corporation (APA)
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Source: GlobeNewswire
HOUSTON, March 12, 2020 (GLOBE NEWSWIRE) -- Apache Corporation (NYSE, Nasdaq: APA) today announced multiple actions being taken in response to the current oil price environment. The company reduced its 2020 capital investment plan to a range of $1.0 billion to $1.2 billion from a previous range of $1.6 billion to $1.9 billion. Over the coming weeks, the company will reduce its Permian rig count to zero, limiting exposure to short-cycle oil projects. Activity reductions are also planned in Egypt and the North Sea. In Suriname, upon the conclusion of operations at the Sapakara West-1 exploration well, the company will proceed, as planned, to a third exploration prospect. Additionally, Apache’s board of directors has approved a reduction in the company’s quarterly dividend per share from $0.25 to $0.025, effective for all dividends payable after today, March 12, 2020. The company will use the $340 million of cash retained annually from the dividend reduction to further strengthen it
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