Apache Corp. Reports Its Liquidity Position - Quick Facts

(RTTNews) - Apache Corp. (APA) said it has a $4.0 billion credit facility, which is contractually committed through March 2024. Apache noted that it has ample liquidity and a very manageable bond maturity profile for the next five years.

"We have taken aggressive actions to protect our balance sheet and cash flows: decreased planned 2020 upstream capital investment by approximately $1.3 billion, or 54% year over year, reduced our annual dividend by $340 million, and targeted more than $150 million of annualized cost structure reductions through organizational changes we began in late 2019," said Stephen Riney, Apache's CFO.

Standard & Poor's has reduced Apache's credit rating from BBB to BB+. The company said the primary impact of the ratings change is that Apache will post letters of credit aggregating approximately $650 million related to asset retirement obligations in the U.K. North Sea. The company does not expect the ratings change will have any other material impact on its financial position, liquidity or business strategy.