Low Oil Prices Prompts Apache to Lay Off Workers
Apache Corp. confirmed to Rigzone on Thursday plans to lay off workers. Apache is the latest company to announce layoffs due to weakening oil prices, which have prompted companies to slash their 2015 budget plans and reduce their workforces. The staff reduction constitutes less than 5 percent of the Houston-based company’s global workforce, an Apache spokesperson told Rigzone. “The decision to part with employees is always a very difficult one, and it’s a step we took after pursuing other measures including a slowdown in activity and reduction in budgets given the current price environment,” the spokesperson noted. A recent Rigzone survey found that oil and gas managers were planning to scale back their hiring plans this year due to declining oil prices and an uncertain economic environment. Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at [email protected] . WHAT […]