FIRST ON CBS7: Apache reducing rig count in Permian to 0

WEST TEXAS (KOSA) -- Apache says it will reduce its Permian rig count to zero over the coming weeks, and plans to lower activity in Egypt and the North Sea, according to

It also announced plans to cut 2020 capital spending to $1B-$1.2B, down from $1.6B-$1.9B, a 37% drop at the midpoint.

The company says it has ample liquidity through its $4B undrawn revolver and flexibility to manage the $937M of bonds maturing between February 2021 and January 2023.