Employees

Two former executives and an ex-energy trader for Duke Energy Corp.’s Houston-based trading unit pleaded innocent last week to charges that they schemed to secure bonuses by fraudulently manipulating energy trading profits. All were released on separate $100,000 bonds.

Kerr-McGee Corp. has announced it will cut its U.S. non-union workforce by 7-9% or up to 250 employees in order to reduce costs. The job reductions and a plan to mitigate $15 million of future annual medical and pension expenses is expected to add up to about $45 million in savings.

Kerr-McGee Corp. has announced it will cut its U.S. non-union workforce by 7-9% or up to 250 employees in order to reduce costs. The job reductions and a plan to mitigate $15 million of future annual medical and pension expenses is expected to add up to about $45 million in savings.

Marathon Oil Corp. said last week that it is planning a corporate restructuring that will claim 265 jobs but will lead to cost savings of about $65 million/year. However, it will have to take a $40 million pre-tax charge, 40% of which will come in the third quarter. Most of the job reductions are expected to be at its Houston headquarters and in its U.S. production unit and will take place before the end of the year.

Marathon Oil Corp. said Thursday it is planning a corporate restructuring that will claim 265 jobs but will lead to cost savings of about $65 million/year. However, it will have to take a $40 million pre-tax charge, 40% of which will come in the third quarter. Most of the job reductions are expected to be at its Houston headquarters and in its U.S. production unit and will take place before the end of the year.

Vancouver-based Ballard Power Systems plans to reduce its cash consumption, restructure its organization and lay off about 28% of its employees over the next 12 months as part of a five-year plan to develop the next generation fuel cell engine.

American Electric Power (AEP) said Wednesday it had dismissed five employees involved in natural gas marketing and trading after the company determined that they provided inaccurate price information for use in indexes compiled and published by trade publications.

In a letter to employees last Monday, which was later filed with the Securities and Exchange Commission (SEC), El Paso Corp. Chairman William Wise attempted to dispel any fears that the energy giant was in danger of crumbling, assuring workers it had about $1.5 billion of readily available cash, a balance sheet and credit profile that were “strong and improving,” an investment grade credit rating, and “adequate financial resources” to meet all of the company’s obligations and to maintain “profitable operations” during the current crisis facing the industry. Although the company was tested with the rest of the merchant energy sector last week, El Paso weathered the storm better than many others.

North Carolina Natural Gas (NCNG) employees last week were working to repair a ruptured gas transmission pipeline that serves the New Bern, NC area. The line, located near the intersection of Racetrack Road and State Road 1005, was struck by a construction contractor’s equipment at 3:35 p.m. last Monday. No injuries were reported. Emergency personnel secured the scene of the break and evacuated 500 people in the area. Power also was cut off in the area.