Chevron to cut Houston jobs amid larger layoff plans
The layoffs are expected to begin Oct. 23, according to a Worker Adjustment
and Retraining Notification Act letter Chevron sent to the Texas
Workforce ...
https://www.bizjournals.com/houston/news/2020/10/08/chevron-job-cuts-houston.html
Where / when has there been a Louisiana WARN letter issued?
OP you must had been drinking or in coma for the past 2 weeks! This is old news and there is already a trend on it few weeks ago.
To @kse: A short summary and a link to the article is all that’s needed.
To the moderators of this site: Please consider implementing a limit of 500 characters of space to individual posts.
Thanks Captain obvious. This news has been there since Oct 15th. id–t trolls !
THE BUSINESS JOURNALS
Houston Business Journal
Energy
Chevron to cut hundreds of jobs in Houston amid larger layoff plans
By Olivia Pulsinelli – Assistant managing editor, Houston Business Journal
Oct 8, 2020, 3:21pm CDT Updated Oct 10, 2020, 10:49am CDT
California-based Chevron Corp. (NYSE: CVX) is slated to lay off around 700 employees in downtown Houston.
The layoffs are expected to begin Oct. 23, according to a Worker Adjustment and Retraining Notification Act letter Chevron sent to the Texas Workforce Commission on Aug. 24 and Reuters first reported Oct. 7. Chevron's downtown offices are in 1400 Smith, 1500 Louisiana, 1600 Smith and Two Allen Center. A Chevron spokesman stressed the company's commitment to downtown Houston, the Houston Chronicle reports.
Meanwhile, sister paper the San Francisco Business Times reports that Chevron filed a WARN letter in California on Oct. 8, saying that it will lay off more than 50 employees at an El Segundo facility and more than 50 employees at its Bakersfield location. Those layoffs will begin Dec. 14.
"Chevron is taking multiple actions to build upon its strengths and maintain competitiveness in the ever-changing external environment," both WARN letters state. "Among other things, this includes a streamlining of our organizational structures. This means we will have fewer positions and, unfortunately, fewer people."
In May, a Chevron spokeswoman confirmed to Reuters that the company expected to reduce its global headcount by 10% to 15% to “match projected activity levels.” Based on Chevron's May headcount, that plan translates to about 4,500 to 6,750 jobs eliminated worldwide.
In April, the Houston Business Journal reported that about 6,500 Chevron employees worked in downtown Houston, not including the company's contract workers, putting the 700 cuts in line with the 10%-15% plans.
"In recognition of these extraordinary times, we have enhanced the resources available to employees leaving Chevron," the WARN letters continue. "This includes enhanced severance and an extension of the subsidy for medical continuation coverage, access to education and training resources, and extended career transition services. All employees will also receive at least 60 days' advance notice of the final day of employment."
Meanwhile, Reuters reported Oct. 7 that an undisclosed number of employees worldwide are being asked to reapply for positions as part of the workforce reduction plans. Chevron CEO Michael Wirth told Reuters that employees not selected for positions will know within weeks. Most of those departures will be complete by the end of the year.
Similarly, Chevron expects to make decisions about job cuts stemming from its recent acquisition of Houston-based Noble Energy Inc. within weeks, Wirth told Reuters. The company expects those cuts to come from redundant positions in areas such as West Texas shale and administrative roles.
“Some areas like the Middle East or like Colorado where we don’t have much of an operating footprint, it’s unlikely there’s significant changes there in the near term,” Wirth told Reuters. “We’re working through the details on that.”
Chevron is not the only energy giant cutting thousands of jobs in response to the challenges facing the industry and efforts to streamline for the future.
Just last week, Royal Dutch Shell PLC (NYSE: RDS-A, RDS-B) said it expects to have eliminated 7,000 to 9,000 jobs by the end of 2022. That includes around 1,500 people who have already agreed to take voluntary redundancy but excludes anyone who might leave Shell because of divestments.
Earlier this week, Exxon Mobil Corp. (NYSE: XOM) said it expects to cut as many as 1,600 jobs in Europe.
In June, BP PLC (NYSE: BP) said it will cut about 15% of its global headcount, or about 10,000 of the company's 70,100 positions worldwide. The cuts will mainly target office jobs at BP and are expected to impact senior levels significantly, making the senior structure flatter.
These are tough times in the oil patch. But Chevron's market capitalization this week moved above that of arch rival Exxon for the first time since at least 1980, according to Bloomberg data.
By Olivia Pulsinelli – Assistant managing editor, Houston Business Journal
Oct 8, 2020, 3:21pm CDT Updated Oct 10, 2020, 10:49am CDT
Is this an attempt to sell more subscriptions?