Apache Corp. (NYSE: APA) said Feb. 7 it expects to spend much less on exploration and production this year than originally planned, becoming the latest shale producer to cut capital spending amid a fall in crude prices.

The U.S. oil and gas company set a capex for oil production of $2.4 billion, saying it was a "significant reduction" from both its earlier 2019 capex and its actual investment in 2018.

In October, the company had announced a $3 billion capex for 2019.

Apache projected oil production to grow 6% to 10% from fourth-quarter 2018 to fourth-quarter 2019 on an adjusted basis. It is set to report fourth-quarter 2018 results later this month.

The revised outlook comes as oil prices have plunged nearly 30% since their highs in October, pushing some oil producers to shrink their capex plans for 2019.

Tumbling crude prices have taken a bite out of companies' cash flows, suggesting a slow down in activity.

Apache said it expects production for 2019, excluding its operations in Egypt, to reach the mid-point of its forecast of between 410,000 barrels of oil equivalent per day (boe/d) and 440,000 boe/d.

The company's 2019 production plan would be cash flow-neutral, Apache said.