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.
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REUTERS - Brent LCOc1 futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.
FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.
EIA - The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. The United States has been the world's top producer of natural gas since 2009, when U.S. natural gas production surpassed that of Russia, and the world's top producer of petroleum hydrocarbons since 2013, when U.S. production exceeded Saudi Arabia’s. Since 2008, U.S. petroleum and natural gas production has increased by nearly 60%.
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