I was trying to see why literally no one with Apache is talking about our recent layoffs (closing Tulsa, 5% back in January, etc.) and whether anyone knows about any upcoming ones. I've heard rumors circulating about an additional 5%-10% staff reduction late in the year.
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Not defending management, but they announced the bulk of the 20%.
5% in the first round in jan. 400 people went with the austrailian sale, so another 8%. Another 100+ closing tulsa. Thats 15%. With everything they have sold I am surpised it is not more than 20%. It will be interesting to see what happens with the regional offices. If they build a new building in Houston, I could see them bringing everyone home.
Q2 results showed that APA has reduced staff by 20%, which is much more than what management previously announced publicly (and privately, for that matter). So management has already proven that they cannot be trusted to tell the truth to their employees.
The company already runs lean, and to lose another 5% or 10% would not bode well for the company's future, unless the intention is to become a takeover target. Which might be the CEO's goal. The question, of course, is who would buy APA?
What should happen is that San Antonio gets shut down first before cutting elsewhere, as that office just adds G&A costs and no value. But it would be foolish to expect any rationality from management.
So what will happen (likely in October or September) is more layoffs, targeting the wrong departments and cutting the wrong employees, at a rate higher than what management states. And then the survivors still won't get raises, and the company will hobble and bumble along, a shadow of what it once was.
But the CEO and his new circle of friends will continue to make out nicely, oblivious to (or denying) their own failings and destruction.
They going to hit midland then the Permian is next good luck guys
Sold assets in Texas, Louisiana and Oklahoma - many people lost work