Tag Archives: energy job cuts

National Oilwell Varco to consolidate Houston facilities, cut jobs – HBJ

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

Ensco to stack drillships, semisubmersible rig, cut offshore jobs – HBJ

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

BP to cut jobs in Houston as part of global Upstream reductions – 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

Anglo American to shed 85,000 jobs as it dumps coal and copper mines

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

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

Halliburton job cut numbers surface, Houston at the center – HBJ

Halliburton Co. (NYSE: HAL) job cuts could amount to roughly 20,000 worldwide once finalized, and many will be in Houston, sources familiar with the matter say.Halliburton has terminated almost 16,000 positions globally, or approximately 19 percent of its workforce, since its peak in 2014, spokesperson Emily Mir said in a statement to the Houston Business Journal.

The company has announced to its employees that it will make further workforce reductions, primarily in North America, the statement said.”The company will continue to monitor the business environment and will continue to adjust the size of our workforce to align with current business demands as needed. We are committed to ensuring that our separated employees are treated with dignity and respect,” Mir said in the statement.

Source: Halliburton Co. job cut numbers surface, Houston at the center – Houston Business Journal

Oil Patch Braces for Financial Reckoning – WSJ

U.S. energy companies have defied financial gravity for more than a year, borrowing and spending billions of dollars to pump oil, even as crude prices plummeted. Until now. The oil patch is expected to finally face a financial reckoning, experts say, with carnage occurring as early as this month. One trigger: Smaller drillers are bracing for cuts to their credit lines in October as banks re-evaluate how much energy companies’ oil and gas properties are worth. But with oil trading below $45 a barrel, bigger oil outfits are struggling to stay profitable, too.Jim Flores, vice chairman of Freeport-McMoRan Inc., which pumps oil in the Gulf of Mexico, explained the industry’s conundrum this way: “It’s raining and it’s going to rain for a long time. We’re all going to get wet. A few people are going to drown. You just have to make it to the other side.”Mr. Flores’s friend Al Walker, chief executive of Anadarko Petroleum Corp., one of the biggest oil companies in the U.S., recently told the audience at a Barclays energy conference, “Frankly at the end of the day, none of us have a great sense for where oil prices are going.”

Source: Oil Patch Braces for Financial Reckoning – WSJ

ConocoPhillips to cut more jobs in Houston, globally; 1,800 employees

Houston-based ConocoPhillips (NYSE: COP) plans to cut even more jobs as oil prices remain low and the industry downturn continues.The oil giant plans to cut 1,800 employees, or 10 percent of its workforce worldwide, mostly from North America, spokesman Daren Beaudo confirmed Sept. 1. About 1,000 core contractors also are expected to be cut.In Houston, more than 500 of ConocoPhillips’ 3,753 local employees will be cut. “We’ll know more in the next several weeks as we work through our formal process,” Beaudo said via email. “Our industry is undergoing a dramatic downturn, which has caused us to look at our future workforce needs. As we have assessed the implications of lower prices on our business, we’ve made the difficult decision that workforce reductions will be necessary. We have taken several significant steps as a company to strengthen our position, including reducing our capital spending and future deepwater exploration program. However, the workforce reductions are necessary to become a stronger, more competitive company.”

Source: ConocoPhillips to cut more jobs in Houston, globally – Houston Business Journal

Royal Dutch Shell announces more job cuts after BP, Chevron job cuts – Houston Business Journal

The Netherlands-based Royal Dutch Shell PLC (NYSE: RDS-A, RDS-B) is the latest global energy company to disclose it plans to cut more jobs as the downturn in oil prices continues.

The company said July 30 it plans to cut 6,500 jobs, including staff and direct contractors, this year and reduce capital investment by 20 percent compared to 2014.

via Royal Dutch Shell announces more job cuts after BP, Chevron job cuts – Houston Business Journal.

Oil and gas declines hit Wyoming’s economy

Wyoming’s economy took a hit in the first quarter of 2015, thanks to the global drop in oil and gas prices.

That is according to a new report released by the state’s Economic Analysis Division.

But the same report notes counties that don’t rely as heavily on the energy industry remained fairly stable, seeing modest year-over-year growth for the quarter.

The report was written by the state’s principal economist, Wenlin Liu, and it focuses mainly on the changes from the first quarter of 2014 to the first quarter of 2015.

Liu said that while nearly every job sector in Wyoming saw year-over-year growth and state unemployment has dropped to 4 percent, mining was the one big exception.

That job sector saw a 2.4 percent drop in employment, equating to about 660 jobs.

“The simple reason was a dramatic decline in drilling rigs for oil and natural gas,” Liu said. “It’s not only oil prices, but natural gas prices too. And that’s directly affecting Wyoming’s economy.”

Only one other job sector saw year-over-year declines in employment, and that was “other services,” which cover a wide and disparate range of professions. Employment there fell 2.8 percent, shedding about 270 jobs.

In Wyoming’s case, Liu said the “other services” sector includes services that he believes are linked to the energy sector, which would help explain the decline.

“Lots of these are repair and maintenance services – auto repairs, machinery repairs,” Liu said. “And those are also related to the mineral extraction industry.”

via Oil and gas declines hit state economy.