Apache to Cut North American Spending 25% as Oil Price Falls
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Apache Corp., the producer that embraced a breakup after pressure from Jana Partners LLC, plans to reduce spending in North America by 25 percent next year as falling oil prices make drilling prospects less profitable on the continent.
The Houston-based company follows producers including ConocoPhillips that plan to cut budgets and relocate rigs into profitable regions as prices fell four consecutive months to $74.52 a barrel today. That will allow them to boost production even as they spend less.