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Oil Price Plunge Forces Energy Giant to Lay Off Workers, Cut Production

© AP Photo / Hasan JamaliOil production.
Oil production. - Sputnik International
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American energy giant Apache announced that budget cuts and a reduction in production in response to a more than 50 percent collapse in oil prices have forced it to lay off 5 percent of its workforce this week.

 

WASHINGTON, January 16 (Sputnik) — Budget cuts and a reduction in production in response to a more than 50 percent collapse in oil prices have forced American energy giant Apache to lay off 5 percent of its workforce this week, Apache told Sputnik on Thursday.

“It’s a step we took after pursuing other measures including a slowdown in activity and reduction in budgets given the current price environment,” Apache’s director of public affairs Castlen Kennedy said.

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The layoffs will affect about 250 people out of 5000 employees worldwide.

Apache said the layoffs would not result in a change in production levels, but that they come following a reduction in budget and drilling activities which directly impact production.

A preliminary 2015 plan released in November showed a reduction in the company’s North American budget of nearly 30 percent and a reduction in rig count, the company said.

Apache is 179 on the Fortune 500, a list that ranks the top publically held US corporations. The company’s stock has fallen from around $101 per share in September to $60 on January 15. The company operates in the United States, Canada, the United Kingdom, Egypt and Australia.

 

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