Apache Corp. Laying Off Nearly 15 Percent of Workforce

SAN ANGELO, TX -- The major oil company, Apache Corporation, has announced today that they have laid off between 10-15 percent of their workforce. 

According to Newswest9, the layoffs came after Apache planned to cut its 2020 capital spending by $250 million. By saving an extra $150 million a year, the company would have to cut jobs. 

There is no word yet on how many jobs will be effected overall but there will be an overall reduction of around 10 to 15 percent. 

Last quarter, Apache announced a loss of $170 million but says it was due to deteriorating natural gas liquids in Alpine High reserves and a drop in gas prices. 

They do not claim that the layoffs came from the loss but instead that it was a deteriorating natural gas liquids in Alpine High reserves and a drop in gas prices.