Houston-based Apache is slashing 2016 capex like many of its peers. Its core US interests will bear the brunt. Egypt, with “high cash margins” will see its share rise.

International oil companies (IOCs) are singing the same tune with their recent announcements of sharp cuts to capital spending (capex) in the face of a ‘lower for longer’ oil price environment.

US firm Apache’s cuts are some of the steepest: it plans cuts of at least 50% for 2016: from...