Apache to pull out of Alaska, citing low oil prices

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Apache Corp. is one of the largest leaseholders in Cook Inlet.
Apache Corp. is one of the largest leaseholders in Cook Inlet.

The oil and gas company Apache Corp. is pulling out of Alaska, citing low oil prices.

The company is one of the largest leaseholders in Cook Inlet, where it has been exploring for oil since 2010. In an emailed statement, a company spokesperson said Apache is slashing spending for the coming year by 60 percent — and halting work in several regions, including Alaska.

“Due to the current downturn, Apache has had to significantly scale back operations and spending,” wrote Castlen Kennedy, the company’s vice president for public affairs. Kennedy added that the company is “focusing our limited dollars on specific international opportunities and strategic testing in North America.”

“Operations we are suspending as a result of the downturn include our Alaskan activities,” she wrote.

Kennedy said the company expects job losses to be “minimal,” since Apache has been scaling back operations in the state for the past year.

Apache is an independent oil and gas company based in Houston, with operations across North America and in the UK and Egypt. Last week, the company reported a net loss of $23 billion in 2015.