Category Archives: job cuts

National Oilwell Varco to close support facilities in Houston, cut jobs – HBJ

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

Oil crunch to put pressure on pay – Houston Chronicle

After riding high for years on more than $90 to $100 oil, the value of stock-based compensation for the oil bosses who run major companies is sinking alongside crude prices. U.S. oil ended its first trading day in 2015 at $52.69 a barrel, less than half its peak in June and its lowest point in 5½ years.This year, executive compensation experts say, U.S. oil companies will likely have to defer bonuses and freeze or cut salaries for their top brass. Already, one high-paid energy executive is taking a 10 percent cut in his base salary.In some cases, pay reductions for the top brass will firm up balance sheets; in others, they will signal executives are taking the industry downturn seriously and are aligned with their shareholders’ interests, the advisers say. Thousands of stock options on the books now have no value at current share prices.Top executives are paid base salaries and cash bonuses, but the bulk of their compensation is often in stock options and awards.

via Oil crunch to put pressure on pay – Houston Chronicle.

Halliburton to cut 1,000 jobs (Video) – HBJ

Houston-based Halliburton Co. (NYSE: HAL) will cut about 1,000 jobs in the Eastern Hemisphere, effective immediately, the company confirmed.The cuts are unrelated to the company’s pending $35 billion acquisition of fellow Houston-based oilfield services company Baker Hughes Inc. (NYSE: BHI), according to Halliburton, and so far no cuts have occurred or are currently planned due to the proposed transaction.”The decision to eliminate jobs is never easy,” Halliburton spokeswoman Emily Mir said in an email statement. “Our talented workforce is the foundation of everything we accomplish, and we place the highest value on the commitment and hard work that our employees dedicate to building our company. Yet, we believe these job eliminations are necessary in order to work through this market environment.”

via Halliburton to cut 1,000 jobs in Eastern Hemisphere (Video) – Houston Business Journal.

Enbridge Energy Partners LP to cut jobs – Houston Business Journal

Houston-based Enbridge Energy Partners LP (NYSE: EEP) is the latest energy company to announce budgetary cuts due to dropping oil prices.In an effort to cut costs, Enbridge Energy Partners has cut jobs in its domestic gas pipelines and processing business unit, according to the Houston Chronicle. Less than 100 jobs were cut. The company’s adjusted operating income dropped $20 million in the third quarter over last year due to reduced volumes of natural gas running through its pipelines as companies are slowly scaling back production.

via Enbridge Energy Partners LP to cut jobs – Houston Business Journal.