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2015-08-02 18:05:00

CENTRICA CUTS 6,000 JOBS

CENTRICA CUTS 6,000 JOBS

UK-based Centrica said Thursday it will cut 6,000 jobs and shrink the size of its oil business as it refocuses on energy supply.

According to Reuters, the company will slash its headcount by about 6,000, although it expects to create 2,000 positions in new business areas.

Centrica has not disclosed details about the layoffs but said that half of the cuts will be made through redundancies.

The firm also plans to sell up to $1.56 billion worth of wind and upstream assets by 2017, Reuters added.

Centrica is targeting $1.171 billion, or about £750 million, in cost efficiencies per year by 2020, with about two-thirds of those savings expected to be delivered by the end of 2018.

CEO Iain Conn told investors that Centrica now considers its Canadian E&P business to be "non-core."

"We will not look to grow our Canadian business and will seek ways to maximize value from our existing position in close coordination with our partner, Qatar Petroleum," Conn said.

reuters.com

More:

SHELL CUTS 6,500

SAIPEM CUTS 8,800

WEATHERFORD CUTS 11,000

SCHLUMBERGER DOWN 30%

TECHNIP WILL REDUCE 6,000

 

Tags: CENTRICA, OIL, GAS, PRICES

Chronicle:

CENTRICA CUTS 6,000 JOBS
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

CENTRICA CUTS 6,000 JOBS
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

CENTRICA CUTS 6,000 JOBS
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

CENTRICA CUTS 6,000 JOBS
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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