HOUSTON (Xinhua) – American exploration and production company Apache Corp said Thursday it will cut its capital budget by more than 57 per cent this year to cope with falling oil prices.
“We have planned our budget and operations in such a way that we can dynamically manage our activity levels and capital spending to respond quickly to material changes in commodity prices,” John Christmann, Apache’s chief executive officer and president, said in a statement.
The company reported a 4.8 billion dollars loss in the fourth quarter of 2014, the equivalent of a 12.78 dollars loss per share, compared with earnings of 174 million dollars, or 43 cents per share, during the fourth quarter of 2013.
On the same day, offshore driller Hercules Offshore said it has laid off 30 per cent of its workforce since October last year because of the oil crunch.
Both companies’ move came amid a string of budget cuts and job reductions by oil producers and services companies in the United States.
Earlier, Halliburton Co, one of the world’s largest oil-field services companies, said it will cut 5,000 to 6,500 works to adjust to the falling crude prices.