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Tag Archives: job cuts

Weatherford cuts 3,000 jobs

Texas oil, pumpjack

Weatherford International plans continued cost cuts to bring its net debt from $6.5 billion at the end of 2016 to less than $3 billion over the next four years, said CEO Krishna Shivram on a Feb. 2 conference call, reports the Houston Business Journal. Part of the plan to reduce costs comes in the form of job cuts. The company ...

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Shell to cut at least another 2,200 jobs globally

Shell shareholders approve deal to buy UK rival BG

LONDON (AP) — Anglo-Dutch oil company Royal Dutch Shell says it will trim at least 2,200 jobs globally amid challenging times in the oil industry. The losses are in addition to cuts already being implemented because of the energy company’s merger with BG. The losses will include some 475 positions in the North Sea. Oil companies around the world are ...

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Chevron announces more Houston job cuts

Chevron announces more Houston job cuts

Chevron plans to cut 655 Houston jobs as part of a payroll decrease across its upstream business. The California-based company confirmed the layoffs Thursday. Chevron previously stated it would cut its workforce by 4,000 this year. In 2015, The oil major reduced its workforce by 3,000. The total estimated cuts made up about 10 percent of the company’s workforce at ...

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Facts and figures show the impact of low oil prices

Lonely gas station with palm tree

The impact of sharply lower oil prices is being felt around the globe. Oil-dependent countries are trying to mend busted budgets. Oil companies are cutting production and workers. While consumers in some countries enjoy lower gas prices, elsewhere consumers are paying higher food prices due to declines in the local currency. Some facts and figures to explain the regional impact: ...

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TransCanada announces new layoffs as crude slump persists

Image via Wikimedia Commons

CALGARY, Alberta – Pipeline company TransCanada Corp has announced new job cuts, as slumping oil prices continue to take their toll on its customers, a spokesman said on Wednesday. TransCanada and other energy companies based in the oil-rich Western Canadian province of Alberta have been hammered with thousands of layoffs in recent months due to the slumping global prices. TransCanada, ...

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Caterpillar to cut thousands of jobs

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Now may be a good time for Caterpillar employees to look for other employment. According to a Ledger-Enquirer report, the Peoria, Illinois-based construction and mining equipment manufacturer announced budget cuts that result in a 5,000 jobs cut by the end of the year and as many as 10,000 jobs cut by 2018. The company’s 2015 revenue outlook took a $1 ...

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JM Oil Field Services downsizing in the Eagle Ford Shale

Company Logo

Job cuts keep coming in the Eagle Ford as JM Oil Field Services (JMOS) laid off 150 or more workers Monday morning. The news came to a surprise to employees operating at the company headquarters in Gonzales, Texas. As one source noted, many believed their jobs were secured thanks to an acquisition on behalf of Twin Peaks Field Services in ...

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Employees in well-known oil and gas companies rake in big profits

Colorado Oil and Gas

Often times, employees cost companies a lot of money. Their benefits are so expensive. Someone gets diagnosed with cancer. A female employee is pregnant. Life is just too darn expensive. It interferes with the company’s bottom line. However, is this ever not the case? In the end, aren’t employees making their employers money? Yes, they are.  When it comes to ...

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Job growth in southeast Oklahoma

Getty Images via Newscred

Diversify the economy. This is one way southeast Oklahoma, as a region heavily dependent on agriculture and energy for jobs, can address its long-held tradition of higher unemployment rates when compared to the rest of the state, said economist Chad Wilkerson of the Federal Reserve Bank of Kansas City’s Oklahoma City branch. “How to bring it down?” Wilkerson said of ...

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The stock market is kicking Consol’s butt

Consol-620x330 (1)

The stock market has not been nice to Consol Energy Inc. Just this year, shares in the company are down 57 percent.  On Wednesday, Consol began trading at $14.16 per share, which is down $19.65 when compared to its opening price on January 2nd.  After running into a 52 week low, the company managed to recover by the end of ...

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