Similar to other companies engaged in cost cutting measures, Houston-based Apache Corp. is consolidating its operations to focus on lowering costs and improving efficiencies.
“This new structure will enable us to allocate resources and personnel expediently as industry conditions dictate,” said Apache CEO John Christmann IV in a statement. “In addition, we have consolidated our technical expertise into centers of excellence, which will support each operating region and strengthen our ability to share best practices around the globe.”
In the last five years, Apache has made acquisitions and divestitures to emphasize the growth potential of its North American business, as well as its Egypt and North Sea assets. In North America, Apache is merging into two primary regions, the Permian region and the Houston region. Its international and offshore region will be composed of assets in Egypt, the North Sea and the Gulf of Mexico.
Among its most recent divestitures is the $2.1 billion sale of Apache’s Australian operations in April. During the same month, Apache completed the previously disclosed $854 million sales of its 50 percent interest in Kitimat LNG assets, as well as its $2.8 billion deal to sale the Wheatstone LNG project to Woodside Petroleum Ltd.
Apache will close its regional office in Tulsa, Okla., and move some employees as part of its Houston region office. This hub will consolidate operations for the Eagle Ford, Anadarko Basin, Texas Panhandle and Canadian properties into one region. The Permian region will be based in Midland, Texas, and will include the Midland Basin and the Central Basin Platform.
“The streamlined organization and executive appointments announced today reflect our efforts to right size and simplify our organization relative to our recently refocused portfolio of assets,” she said.
View Full Article
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you