March 12, 2020 / 12:12 PM / 22 days ago

Apache cuts spending forecast, slashes dividend

March 12 (Reuters) - Apache Corp on Thursday cut its spending forecast for the year and slashed its quarterly dividend by 90% as shale drillers rush to shore up cash amid a crash in oil prices.

Apache now expects its 2020 capital investments between $1 billion and $1.2 billion, down from an earlier forecast of $1.6 billion to $1.9 billion.

The company cut its quarterly dividend to $0.025 per share from $0.25. (Reporting by Shariq Khan in Bengaluru; Editing by Shailesh Kuber)

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