fetching latest news
News tagged in:
Oilfield services major, Halliburton yesterday informed about cutting about 350 jobs in Oklahoma and that its executives would reduce their salaries amid a deepening oil price rout. Spokeswoman Emily Mir said, “This was a difficult decision, but is necessary action as we face challenging market conditions,”. In a filing to the state, Halliburton said that permanent job cuts could begin this week at its Duncan, Oklahoma, facility.
As energy firms around the world cut costs amidst the oil price crash, oil supermajor BP plc has decided to not cut jobs over the next three months. A Linkedin post from Chief Executive Officer, Bernard Looney read that the company’s response to the crisis “will not include making any BP staff redundant over the next 3 months.” BP employs over 73,000 staff across several countries.
With coronavirus outbreak worsening every passing day, UK trade body Oil and Gas UK (OGUK) has now released figures indicating a 40% drop in the staff across North Sea offshore installations since the start of the outbreak. While over 11,500 normally operate on North Sea installations, the number has dropped to 7,000 workers. OGUK had said in a briefing last week that companies were negating coronavirus risks by bringing staff down.
Market researcher, Rystad Energy has forecasted over one million jobs in the oilfield service industry to be lost in the wake of coronavirus outbreak. The looming layoff wave is being attributed to low project volumes because of the Covid-19 pandemic. The oilfield services industry employs over five million people globally. Analysts at Rystad Energy predict that the contractors will drop at least 21% of their workforce.
Apache Corp has informed about closing its San Antonio, Texas office through which the firm oversees its Alpine High venture in the Permian basin. The move will cost approximately 272 employees their jobs. The layoffs follow a warning from Apache to move capital away from the struggling Alpine High region. A filing made by Apache with the Texas Workforce Commission informed that affected employees will leave the company on March 6.
Occidental Petroleum on Wednesday informed about ‘significantly’ reducing its workforce, after buying out its rival Anadarko Petroleum last year. Layoffs are currently underway across the company, after staff was cut through a voluntary program, spokeswoman Melissa Schoeb said. She added, “Occidental’s integration team identified the jobs we need to successfully and safely operate our business and achieve our synergy goals,”.
Halliburton is cutting jobs at its Bakersfield plant in California, as the US firm scuffles with sinking profits amid a global slowdown in oil and gas activity. In a filing with California authorities, Halliburton said that the layoff plan will have an immediate impact on 70 employees. The company recently laid off 800 employees in Oklahoma, apart from 650 employees across Colorado, Wyoming, New Mexico and North Dakota.
As Canada’s energy sector struggles with sluggish growth, the layoff trend continues with the latest layoffs coming from Husky Energy. The firm laid off a number of employees yesterday, spokeswoman for Husky said. The sackings come a day right after the federal election in Canada, where Prime Minister Trudeau failed to secure an outright majority of seats. Concerns of further delay in the Trans Mountain pipeline expansion are now worrying the industry.
Halliburton yesterday informed that it will let go of 650 jobs across the United States amidst slowing oil and gas activities. Spokeswoman for Halliburton, Emily Mir said, “Making this decision was not easy, nor taken lightly, but unfortunately it was necessary as we work to align our operations to reduced customer activity,”. Cowen and Co have projected a fall of 11% in the expenditure by U.S. independent producers this year.
UK-based EnQuest yesterday informed that it will shed around 80 of its employees deployed at the Sullom Voe Terminal by the end of 2019. EnQuest regarded the move as “essential” to maintain the competitiveness of the oil terminal and empower it to retain and win new business. The employees expected to be dropped consists of around 60 full-time staff members and 20 contractors.
Joining a number of energy firms, Spanish energy company Repsol SA, yesterday, announced plans of laying off about 30% of its Canadian workforce as part of global restructuring. Repsol will intimate employees affected by the reorganization in the Canadian exploration and production and corporate units this week. While the firm refused to give an exact number of cuts, Repsol’s Canadian workforce stood at approximately 700 in 2018.
“Challenging market conditions” and “price pressure” has drove Aker Solutions to consider laying off as many as 150 employees at the Agotnes yard, Norway. The company has already informed its employees of the looming threat to their position. Aker, last year, said it would let go of considerable number of employees across all its operations. Around 650 staff Aker Solutions was dropped in India, the UK and Norway.
Even though BPCL’s unit in Kochi suffered a crude supply shortage amidst floods in the state, output from the refinery stayed largely uninterrupted, said Ex-director Prasad K Panicker. The Kochi refinery processes 15.5 million tonnes of crude oil per annum (MMTPA). Indian state Kerala suffered severe floods for almost a fortnight. Life is slowly crawling back in the state to normal.
After reporting a huge profit of $1.6 billion in its recent quarter, ConocoPhillips is looking forward to “modest” job cuts in Houston and all over US. Reportedly, the company is focusing more on share buybacks and debt reduction in order to strengthen the support from its investors. A spokeswoman said that the employees have been informed about the workforce reduction that will take place in mid-September.
Layoff has been on almost every oil firm’s agenda this year, and ConocoPhillips is no exception to this. The Houston-based operator has commenced with its layoff program, in line with its redundancy plan announced earlier in 2018. The redundancies will follow strategies to halt production at a number of fields in the southern North Sea, thereby laying off some 450 employees in the UK.
US oil major, Chevron is planning to lay-off around 400 jobs in Australia. This comes months later of Chevron’s approval of a new construction project and backing an LNG jobs initiative. It is believed that the layoffs will be in accordance with the value chain alignment study conducted by the Boston Consulting Group to assess the roles required to sustain Chevron’s LNG operations in Australia.