Chevron Corp will lay off about 25per cent of Noble Energy's employees who joined the oil major after its US$4.1 billion purchase of the smaller rival earlier this month, the company told Reuters on Tuesday.
A collapse in crude oil prices has forced most oil and gas producers to drastically cut costs by laying off thousands of employees and cutting down on drilling. For many companies, consolidation with larger players at low or no premiums is becoming the only option to survive.The job cuts, which are on top of Chevron's plan to reduce 10per cent-15per cent of its own workforce, come after the company promised to lower its operating expenses by US$1 billion this year to cope with the downturn.
As part of the plan, Chevron also plans to lay off more than 50 employees starting Dec. 14 in both its Bakersfield production unit and the El Segundo refinery, according to a notice the company sent to the state of California.
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