CHEVRON CUTTING 2,100
San Ramon, California-based Chevron Corp. (NYSE: CVX) has informed the state of Texas it will begin cutting jobs in Houston in October.
Last month, the oil giant revealed it would cut about 950 jobs in Houston, plus 500 jobs at its San Ramon headquarters, 50 international jobs and 600 contractor jobs.
"In light of the current market environment, Chevron is taking action focused on increasing efficiency, reducing costs and focusing on work that directly supports business priorities," the company said in its Worker Adjustment and Retraining Notification Act letter to the Texas Workforce Commission.
In Houston, jobs will be cut at 1500 Louisiana St., 1400 Smith St., 1600 Smith St. and Two Allen Center.
The earliest Houston job cuts will occur on Oct. 12. Affected employees will receive 60 days notice, severance and outplacement assistance. However, they are not represented by unions and do not have bumping rights, meaning workers with more seniority cannot take jobs of less senior workers.
A previous report indicated the job cuts are expected to be complete by November.
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Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.