Oil Price The ongoing job cuts at Shell are extending to the team handling mergers and acquisitions for the supermajor as the oil and gas giant is looking to eliminate around 20% of several hundred positions in the M&A unit, unnamed sources familiar with the plans have told Bloomberg. Shell has been saying for months that it is pursuing a leaner
Reuters WINNIPEG, Manitoba/WASHINGTON – TC Energy Corp will eliminate more than 1,000 construction jobs in coming weeks and halt work on the Keystone XL oil pipeline after U.S. President Joe Biden revoked the project’s presidential permit, the company said in an email to employees. Calgary-based TC Energy confirmed the authenticity of the email, sent by KXL President Richard Prior on
Reuters Two U.S. shale oil producers, Pioneer Natural Resources Co and Parsley Energy Inc, are planning to trim staff in coming days, people familiar with the matter said on Monday, after each posted large second-quarter losses. The cost cuts are the latest by oil and gas producers as oil demand and prices have plunged due to the COVID-19 pandemic. More
Reuters OSLO – Oil services firm Subsea 7 announced on Thursday that it will cut its global workforce by a quarter and reduce its fleet of specialized vessels by up to a third to preserve cash following the slump in the oil market. The company said it planned to lay off about 3,000 workers, both contractors and permanent employees, by
Houston Chronicle Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid crumbling oil prices and the economic effects of the coronavirus pandemic. Schlumberger CEO Olivier Le Peuch reported the budget cuts during a Tuesday morning fireside chat at the Scotia Howard Weil Energy Conference in
Reuters WINNIPEG, Manitoba/OTTAWA – In 35 years of working in Alberta’s oil patch, home to the world’s third-largest crude reserves, Ray Mildenberger endured a volatile industry’s ups and downs without being laid off. That changed in October, when Mildenberger, 60, and five co-workers of an oil service company in Grande Prairie, Alberta, lost their jobs. Mildenberger turned to selling truck
Houston Chronicle Houston oilfield service company Halliburton plans to close an office just west of Oklahoma City where more than 800 employees are losing their jobs. In a Monday morning letter filed with the Oklahoma Office of Workforce Development, Halliburon Vice President of the MidCon Area Michael Queener wrote that the company expects to close its office in El Reno, Oklahoma.
Houston Chronicle Houston oilfield service giant Halliburton has laid off 650 employees in four western states from New Mexico to North Dakota. In a notice filed on Monday with the Colorado Department of Labor and Employment, Halliburton reported that the company laid 178 workers from its Grand Junction, Colo. office. Company officials attributed the layoffs to “local market conditions.” The
From The Houston Chronicle Houston oilfield service company National Oilwell Varco reported a multibillion loss during the second quarter amid what executives are calling a “generational oilfield downturn.” NOV reported a nearly $5.39 billion loss on $2.13 billion of revenue during the second quarter. The figures translated into a $14.11 loss per share. The second quarter earnings were mixed compared
From Houston Chronicle Brazilian state oil company Petrobras will terminate more than 50 Houston jobs next year after selling much of its Gulf of Mexico assets into a new joint venture. Petrobras, which has struggled financially amid a nationwide corruption scandal in Brazil, opted to sell its Gulf assets earlier this year into a JV in which it will only
Layoffs are a recurring nightmare for both employees and employers Layoffs: oil and gas companies have cut some 350,000 jobs in the downturn, but what happens when oil prices tick up and demand for talent outstrips supply? It’s a recurring nightmare. The crash in oil prices has led to a rash of layoffs that started in early 2015. More than 350,000 jobs worldwide
CNPC reports profit of $12.7 billion for full-year 2015 China’s largest oil and gas producer, China National Petroleum Corp. (CNPC), reported its full-year 2015 profit, showing a 52% decline year-over-year. The company reported $12.7 billion in total profit for the year, reports Shanghai Daily, and revenues of $308 billion, down 26% from 2014. The company produced 260 million metric tons
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