Apache Corp became the latest oil major to report a negative net result for the first quarter, booking a loss of $4.5 billion, or $11.86 per share for the period. Like its peers, Apache also slashed its capital expenditure by 55 percent compared with 2019 to some $1.1 billion and cut its dividend by 90 percent. The company said it would use the cash saved from dividends to strengthen its financial position. Apache has reduced the number of its drilling rigs in the Permian from 21 at the start of the year to just one and plans to halt…
