Royal Dutch/Shell Group announced over the weekend it will trim jobs in Nigeria as it reevaluates its oil and gas reserves there. The British press also reported Monday that shareholders are pressuring the energy giant to hire outside executives to help move the company forward.
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Marathon to Terminate 265 Employees During Restructuring
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 to Terminate 265 Employees During Restructuring
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.
El Paso Cuts 200 More Houston Jobs
Nearly 200 more Houston-based employees of El Paso Corp. were laid off on Friday as part of company’s continuing cost-cutting plan. El Paso now has 8,900 employees, down from its 2002 year-end figure of 11,000, and more layoffs are expected into 2004.
IDACORP to Half Trading Staff by 2004 — 60 Jobs to be Cut
The energy merchant sector took another hit Friday, after Boise-based IDACORP Inc. announced plans to wind down its power marketing business and cut in half its 120-member trading staff in the next year and a half. The decision was made to reaffirm “its commitment to maintain a strong investment credit rating.” IDACORP’s news mirrored announcements by Aquila Inc. to close its Merchant Services unit on Tuesday, and Dynegy Corp.’s decision to stop online trading on Wednesday (see Daily GPI, June 19; June 21).
Aquila to Cut Jobs in State-Based Restructuring of Utility Operations
Aquila Inc., formerly UtiliCorp United, announced that it will reduce its workforce as part of a corporate restructuring program that will lead to seven state-focused utility operations. The state-based organizational structure is designed to provide greater operational accountability within Aquila’s seven-state utility operations that serve 1.3 million natural gas and electricity customers in Missouri, Kansas, Nebraska, Colorado, Iowa, Michigan and Minnesota.
ChevronTexaco Begins Cutting 4,000 Jobs
ChevronTexaco Corp. informed the Securities and Exchange Commission last week that it has started to lay off 7% of its work force, or about 4,000 employees out of a total of 57,000, as part of a program designed to trim $1.2 billion/year in overhead following its merger. The cuts are in line with what the companies expected last year when their merger was first announced.
ChevronTexaco Begins Cutting 4,000 Jobs
ChevronTexaco Corp. informed the Securities and Exchange Commission this week that it has started to lay off 7% of its work force, or about 4,000 employees out of a total of 57,000, as part of a program designed to trim $1.2 billion/year in overhead following its merger. The cuts are in line with what the companies expected last year when their merger was first announced.
LG&E to Cut 250 Jobs, Streamline Merged Utility Divisions
LG&E Energy said it plans to reduce its 5,500-employeeworkforce by 250 positions (5%) over the next few months in aneffort to streamline and further integrate its two utilityoperations, Louisville Gas and Electric and Kentucky Utilities.Enhanced early retirement and severance programs will be offered tocompany employees to achieve the reduction. The company hopes toachieve these reductions through voluntary means and will useinvoluntary separation only as a last resort.
LG&E to Cut 250 Jobs, Streamline Merged Utility Divisions
LG&E Energy said yesterday it plans to reduce its5,500-employee workforce by 250 positions (5%) over the next fewmonths in an effort to streamline and further integrate its twoutility operations, Louisville Gas and Electric and KentuckyUtilities. Enhanced early retirement and severance programs will beoffered to company employees to achieve the reduction. The companyhopes to achieve these reductions through voluntary means and willuse involuntary separation only as a last resort.