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Thursday, February 12, 2015

Apache slashing 2015 rig count, capex due to low oil prices, (NYSE: APA)

Apache Corp, one of the top U.S. shale oil producers, said on Thursday it would slash capital expenditures and its rig count in 2015, in response to the collapse of crude oil prices.The company, which reported a multibillion-dollar net loss but adjusted earnings that beat Wall Street's estimates, also said it would not divest its overseas businesses, with one possible exception.Crude oil prices, down about 50 percent since June, prompted Apache to cut its 2015 capital expenditures by 60 percent and slash its fleet of drilling rigs by 70 percent.On a conference call with investors, Chief Executive John Christmann also said the company is setting aide plans to sell or spin off its Egyptian and North Sea businesses, as they generate much-needed cash.

Apache Corporation (Apache) is an independent energy company, which explores for, develops, and produces natural gas, crude oil, and natural gas liquids. Shares of APA fell by 0.26% or $-0.17/share to $64.58. In the past year, the shares have traded as low as $54.34 and as high as $104.57. On average, 5105970 shares of APA exchange hands on a given day and today's volume is recorded at 7316079.