The group recently sold off a 30% stake in one of its Greenland exploration licences to Norwegian group Statoil as part of a plan to bring in a partner to share the costs of exploration in the Arctic.

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Apache joins the likes of BG Group, Statoil, Shell and Transocean in closing offices and curtailing drilling operations.

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That of Britain's BG Group is big, Another, by Norway's Statoil, is bigger.

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Other companies that have underperformed the group of 20 include BP, Anadarko Petroleum, Hess, Statoil, and Royal Dutch Shell, among others.

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