Houston-based Apache Corp. (NYSE: APA) has shed several hundred million dollars from its 2020 spending plan and cut its dividend by 90 percent.
Apache now plans capital investment to be between $1 billion and $1.2 billion, down from the previous expected range of $1.6 billion to $1.9 billion, the company said in a press release. That means reducing its rig count in the Permian to zero in order to limit exposure to its short-cycle oil projects, Apache said. The company is also reducing operations…
