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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
CENTRICA CUTS 6,000 JOBS September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

CENTRICA CUTS 6,000 JOBS September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

CENTRICA CUTS 6,000 JOBS September, 21, 10:45:00

UNEXPECTED OIL PRICES

CENTRICA CUTS 6,000 JOBS September, 21, 10:40:00

OIL MARKET UNCERTAINTY

CENTRICA CUTS 6,000 JOBS September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

CENTRICA CUTS 6,000 JOBS September, 21, 10:30:00

U.S. CAPITAL EXPENDITURES UP

All Publications »

Chronicle:

CENTRICA CUTS 6,000 JOBS
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

CENTRICA CUTS 6,000 JOBS
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

CENTRICA CUTS 6,000 JOBS
2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

CENTRICA CUTS 6,000 JOBS
2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

All Publications »