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Houston-based Apache is slashing 2016 capex many like its peers. Its core US interests will bear the brunt. Egypt, with “high cash margins” will see its share rise.
International oil companies (IOCs) are singing the same tune with their recent announcements of sharp cuts to capital spending (capex) in the face of a ‘lower for longer’ oil price environment.
US firm Apache’s cuts are some of the steepest: it plans cuts of at least 50% for 2016: from 2015’s $3.6bn to between $1.4bn and $1.8bn as it looks to “protect our financial position and liquidity” by “aggressively reduce[ing] activity and spending levels to align with the falling price environment.”
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