- Implementing immediate downturn contingency plans expected to result in approximately $65 million of annual cost savings to preserve margins and cash flow
- Capital expenditures in 2020 to be reduced by approximately 65% from 2019
- Available liquidity of over $270 million
- Continuing to monitor market developments and prepared to take additional actions as necessary
THE WOODLANDS, Texas, March 23, 2020 (GLOBE NEWSWIRE) — Apergy Corporation (“Apergy” or “the Company”) (NYSE: APY) today announced a set of immediate actions that the Company is taking in response to the significant decline in oil prices due to the outcome of OPEC+ meeting in early March 2020, as well as market volatility arising from the COVID-19 pandemic.