Global commodity trader Koch Supply & Trading has cut dozens of workers across at least four offices worldwide, several sources said on Tuesday, as the firm restructures its business.
The cuts at the unit of Wichita, Kansas-based Koch Industries Inc, the industrial conglomerate owned by billionaires Charles and David Koch, affected traders and support staff in its United States, Switzerland, United Kingdom and Singapore offices.
A string of notable hedge funds in the commodity space have closed over the last year, while restructuring efforts were launched at firms like Goldman Sachs after losses in 2017.
Some commodity trading firms and banks posted major losses due to muted client activity and wild fluctuations across energy markets. Bonuses across the industry were also low, and some hedge funds have chosen to exit energy trading.
Source: Global commodity trader Koch cuts staff in restructuring
Enbridge Inc. announced Wednesday that hundreds of its employees have lost their jobs as the Calgary-based firm moves to cut 5 per cent of its work force.One month after the oil pipeline giant announced a $37-billion deal to buy Houston-based Spectra Energy Corp. to create North America’s largest energy infrastructure firm, an Enbridge spokeswoman said the company will reduce its work force by approximately 5 per cent across the organization.About 530 positions are affected – including 370 in Canada and 160 in the U.S.
Source: Enbridge to cut 370 jobs in Canada, 160 in the U.S. – The Globe and Mail
Houston-based Noble Energy Inc. (NYSE: NBL) plans to cut additional jobs before the end of the year, the Houston Chronicle reports.
The exact number of affected jobs hasn’t been disclosed, but a spokeswoman told the Chronicle the cuts would be “very limited” and will focus on exploration positions.
Noble made multiple rounds of job cuts last year. In April 2015, the company announced it would cut about 220 jobs across several locations as part of an organizational realignment in the U.S.
Source: Noble Energy plans additional job cuts focusing on exploration – Houston Business Journal
National Oilwell Varco Inc. (NYSE: NOV) plans to cut more Houston jobs as it consolidates locations, the Houston-based company told the Texas Workforce Commission.The oil field equipment and services company will relocate work from its SHP facility at 1530 W. Sam Houston Parkway in west Houston to its FM 529 facility in northwest Houston, according to a Worker Adjustment and Retraining Notification letter sent to the TWC. The entire SHP facility will be consolidated with the 529 facility, the letter stated.
Source: National Oilwell Varco to consolidate Houston facilities, cut jobs – Houston Business Journal
Offshore drilling giant Ensco PLC (NYSE: ESV), which cut hundreds of jobs last year, will stack three drillships and a semisubmersible rig, affecting 350 offshore jobs.Ensco is still finalizing plans, but the cuts are expected to begin May 11, the company told the Texas Workforce Commission in a Worker Adjustment and Retraining Notification Act letter. All of the employees report to the Ensco Offshore Co. office at San Felipe Plaza at 5847 San Felipe, suite 3500.
Source: Ensco to stack drillships, semisubmersible rig, cut offshore jobs – Houston Business Journal
Raul Sanchez, a former senior operations engineer for GE Oil & Gas in Houston, TX has been laid off for about a year. He has interviewed at more than 30 companies so now he is trying a different approach.
Chevron Corp. (NYSE: CVX) plans to cut 655 Houston jobs this year as part of thousands of cuts already announced for 2016.“In light of the current market environment, Chevron continues to take action by revising organizational structures, increasing efficiencies and reducing expenses,” Chevron said in a statement. “As part of this, we have undertaken a previously announced workforce reduction across our Upstream group.”
Source: Chevron to cut Houston jobs as part of larger upstream workforce reduction – Houston Business Journal
BP PLC (NYSE: BP) expects to cut at least 500 jobs in Harris County this year, according to a letter the company sent to the Texas Workforce Commission.Many of the cuts are expected to occur in early June at three locations in Houston, according to the letter. BP spokesman Jason Ryan said the cuts are part of the approximately 4,000 additional job cuts the London-based company announced in January.
Source: BP to cut jobs in Houston as part of global Upstream reductions – Houston Business Journal
Global mining giant Anglo American is getting ready to shed about 85,000 jobs as it sells off 60% of its assets over the next few years.
The company said it expects employee numbers to shrink to 50,000 from 135,000 as it overhauls its business in response to the collapse in commodity prices.
Source: Anglo American to shed 85,000 jobs as it dumps coal and copper mines
Houston-based National Oilwell Varco Inc. (NYSE: NOV) is closing two more Houston facilities which will result in the loss of 85 more jobs.
The facilities are expected to close between Nov. 20 and Nov. 26, the company told the Texas Workforce Commission in a Worker Adjustment and Retraining Notification Act letter.
Source: National Oilwell Varco to close support facilities in Houston, cut jobs – Houston Business Journal