Chevron Corp. is eliminating 575 positions in the Houston area after closing its roughly $55 billion acquisition of Hess Corp., according to a Texas Workforce Commission filing released on Wednesday. The Worker Adjustment and Retraining Notification dated July 18 says the layoffs took effect when the transaction closed and will be completed by Sept. 26. The reductions span employees from both companies as Chevron integrates Hess’s operations and back-office functions. Chief Executive Officer Mike Wirth previously told Reuters that technology conversions and staff consolidation would take several months and that Hess employees were offered severance packages as part of the transition. The Hess deal enlarges Chevron’s foothold in Guyana’s Stabroek block and adds U.S. shale acreage, but the company is under pressure to deliver cost synergies and maintain capital discipline amid a sector-wide focus on cash generation.
Chevron cut 575 positions in the Houston area after it completed its $55 billion merger with Hess, a Texas Workforce Commission filing revealed on Wednesday. https://t.co/HrzAK9gYOt
US shale co's will cut production before they cut buybacks or dividends.
Chevron cut 575 positions in the Houston area after it completed its $55 billion merger with Hess, a Texas Workforce Commission filing revealed on Wednesday. https://t.co/UeDZhohm8N