APA Corp rises following nearly 15% workforce reduction

ReutersMar 19, 2025 5:31 PM

Shares of U.S.-based oil producer APA Corp APA.O up 3.8% at $20.94

APA laid off about 300 employees globally to reduce costs - company confirmed to Reuters

This represents between 10% and 15% of the company's global workforce

*APA implemented the cuts in January and late February

*Company, in an earnings call in February, said it reduced its corporate office personnel by more than one-third

Total number of layoffs was first reported by Bloomberg News earlier on Wednesday

Brent crude futures LCOc1 up 0.6% at $70.98/barrel; U.S. West Texas Intermediate crude futures CLc1 up 0.7% at $67.33/barrel

Including sessions moves, stock down 9.1% YTD

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