Apache cuts losses on much-touted Alpine High play

Houston-based Apache Corp. (NYSE: APA) has cut spending on its Alpine High play and claimed impairment on the value of the related assets.

Apache has run into challenges around the performance of its development tests in Alpine High, a much-touted oil and gas discovery the company made in 2016, CEO John Christmann said in the company’s quarterly financial press release. By the end of 2019, the company didn’t have any rigs drilling in Alpine High.

The company’s leadership is cutting spending…