Houston based natural gas and oil producer, Apache Corp will be undertaking major changes with its balance sheet. First off, it would be selling about US$4 billion in properties, repurchase shares as well as cut back on compensation for its CEO Steve Farris.

The move is expected to shake up the company out of the doldrums as the last two years saw the decline of Apache's market value by US$14 billion. It is taking a page out of Icahn's and Singer's playbooks. Carl Icahn, the activist billionaire investor has brought changes for the improvement of fellow oil firms Chesapeake Energy Corp while Paul Singer improved the bottom line at Hess Corp.

Apache began its review last year and there has been 'long term dialogue' as to the current state and future well-being of the company. According to Robert Dye, senior vice president of global communications during a phone interview held last May 21, "We've talked to a number of investors and we welcome their opinions. They really made a difference."

One of the recent moves was the rejection of Apache shareholders of the proposed executive compensation plan during a straw vote during its May 16 annual meeting. This prompted the paycut for the CEO.