Apache Reports Substantial Progress In Its Organizational Redesign

(RTTNews) - Apache Corp. (APA) said the company now expects to deliver an annualized G&A and LOE cost reduction in excess of $300 million, up from an original target of $150 million. Approximately $225 million of the identified savings will be achieved in 2020.

Apache announced an organizational redesign effort in October of 2019 to streamline the business. The new organization comes into effect on April 1, 2020.

"Our organizational redesign initiative is enabling more flexible resource allocation and increased collaboration while delivering cost savings that are critical in the current environment," said John Christmann, Apache's CEO.