Apache Corporation (NYSE:APA) decided to upgrade several executives by promoting them during restructuring efforts while at the same time it decided to shut down its offices at Tulsa.
The oil company that is one of the biggest oil firms in the U.S. will consolidate to Houston. It is not all bad news for some of the employees at Tulsa’s department as the firm claimed that it would relocate the workers to the company’s other offices. Apache has more than 16 workers, and only half of them will get positions in these companies. The remaining will lose their positions permanently.
The reduced oil prices have affected the company’s performance. Apache has been on a mission to dispose of some of its properties for a while now to cater for costs and maintain operations. Some of the operations that the oil company plans to include some regions in North America.
Apache’s CEO, John Christmann IV claimed that the changes would pave the way for more efficiency, reduced costs and assist the company to improve the levels of operations. Christmann has been in office as the CEO for a few months. He took the leadership position in January.
The company’s Canadian division will be transformed into one of the major operational regions and will be helmed from Texas. The Egyptian division, the North Sea and the Gulf of Mexico will be transformed into one global division.
In the last half decade, Apache Corporation (NYSE:APA) has disposed of its properties in Australia and Argentina. It also terminated its natural gas processes to put more emphasis on the drilling operations in Canada. In 2009, the firm’s operations in the Canadian region amounted to 35%. Apache has diverted so much attention to the region that it now takes up 65% of the company’s total operations.
James House, who was Apache’s North Sea Operations manager, will take over the Senior Vice President position in Houston. More restructuring is expected to take place until the beginning of the fourth quarter.