|
|
|
|
||
Apache doubles projected cost savings from restructuring efforts from SNL Daily Gas Report Apache doubles projected cost savings from restructuring effortsByline: Sibyl Layag Apache Corp. expects to double its annualized cost savings from an organizational redesign launched in October 2019, which aims to streamline the business and boost operational efficiencies. The oil and gas exploration and production company now expects annualized general and administrative expense savings and lease operating expense savings of more than $300 million, from an original target of $150 million, according to an April 1 news release. Apache will generate about $225 million of the savings in 2020. The organizational redesign is effective April 1. The company overhauled its organizational structure and operations to align with long-term planned activity levels, Apache said earlier in March. Apache reorganized into three centralized teams: Operations, Development and Exploration. Apache named Altus Midstream Co. President and CEO Clay Bretches executive vice president of operations, while David Pursell will serve as executive vice president of development. The company has yet to name the head of the exploration team. |
return to message board, top of board |