Latest news with #MikeWirth
Yahoo
6 days ago
- Business
- Yahoo
Chevron cuts jobs following completion of Hess acquisition
Chevron has significantly reduced its workforce, cutting 575 positions in the Houston area, according to a Reuters report, citing a Texas Workforce Commission filing. As per a Worker Adjustment and Retraining Notification dated 18 July, the US energy giant terminated employees following the official completion of its $55bn acquisition of Hess. IT staff from both Chevron and Hess worked together to plan the integration. Affected Hess employees were given the option to request severance packages. The layoffs are expected to take effect on 26 September, according to the notice. Chevron CEO Mike Wirth stated that combining technology and employees from both companies is expected to take a few months. The Chevron-Hess merger brings together more than two centuries of industry experience, positioning the merged entity to better meet the global demand for energy. The Stabroek Block, located off the coast of Guyana in the Atlantic Ocean, is a key area where the merger will have a notable impact. Chevron now holds a 30% stake in this region, which boasts more than 11 billion barrels of oil equivalent in discovered recoverable resources. This block is recognised as one of the most significant oil discoveries of the 21st century, with its high-quality crude oil being cost-effective to refine. In the US, the established operations of Hess in North Dakota's Williston Basin, which includes the prolific Bakken Formation, complement Chevron's existing projects in the Permian and DJ Basins. The combined shale and tight portfolio now spans more than 2.5 million net acres. The Gulf of America is another strategic area where the merger will have a considerable effect. Both companies have a history of deep-water partnership in this region, which is advantageously situated near global shipping lanes and the US Gulf Coast – one of the world's largest energy markets. Furthermore, Hess' natural gas assets in South East Asia add to Chevron's long-standing presence in the region, dating back to the 1930s. This includes a joint venture in Thailand and the operation of a fuel import and distribution network under the Caltex brand. "Chevron cuts jobs following completion of Hess acquisition" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
Chevron tells Hess staff to focus on safety as they await job updates
By Sheila Dang HOUSTON (Reuters) -Chevron leaders told Hess employees to stay focused on safe operations and that they will hear next week if they will continue to have jobs following the oil producer's acquisition, according to two Hess employees who spoke with Reuters. Chevron, the second-largest U.S. oil producer, closed its $55 billion acquisition of Hess on Friday after prevailing in a landmark legal fight against Exxon Mobil that delayed the closing by over a year. The deal was critical to Chevron CEO Mike Wirth's strategy to improve the business as it sought to cut costs and faced investor concerns about future growth prospects. The company will lay off 575 Hess employees in Houston effective September 26, according to a notice filed with the Texas Workforce Commission, or about 32% of staff based on Hess' headcount at the end of last year. During town hall meetings at Hess' Houston office on Tuesday, Chevron representatives presented a slide that showed safety incidents have risen during volatile periods historically, cautioning them to continue prioritizing safety, according to the two employees, who declined to be named to discuss an internal meeting. Hess staff were told they will be notified next week if they have a full-time position with the company moving forward or a short-term role to help with the transition. "These are difficult decisions which we do not make lightly," a Chevron spokesperson said, adding the company will offer severance and other support. The emphasis on safety comes after Wirth warned Chevron employees earlier this year that the company saw an increase in close calls that could have resulted in serious injuries or fatalities. Chevron and Hess staff were asked not to contact each other until the integration is complete, according to the two Hess employees and an internal Chevron message that Reuters reviewed. "We need them to focus on safe operations and on navigating the complex changes that result from this merger," said the internal Chevron message. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
7 days ago
- Business
- Reuters
Chevron tells Hess staff to focus on safety as they await job updates
HOUSTON, July 24 (Reuters) - Chevron (CVX.N), opens new tab leaders told Hess employees to stay focused on safe operations and that they will hear next week if they will continue to have jobs following the oil producer's acquisition, according to two Hess employees who spoke with Reuters. Chevron, the second-largest U.S. oil producer, closed its $55 billion acquisition of Hess on Friday after prevailing in a landmark legal fight against Exxon Mobil(XOM.N), opens new tab that delayed the closing by over a year. The deal was critical to Chevron CEO Mike Wirth's strategy to improve the business as it sought to cut costs and faced investor concerns about future growth prospects. The company will lay off 575 Hess employees in Houston effective September 26, according to a notice filed with the Texas Workforce Commission, or about 32% of staff based on Hess' headcount at the end of last year. During town hall meetings at Hess' Houston office on Tuesday, Chevron representatives presented a slide that showed safety incidents have risen during volatile periods historically, cautioning them to continue prioritizing safety, according to the two employees, who declined to be named to discuss an internal meeting. Hess staff were told they will be notified next week if they have a full-time position with the company moving forward or a short-term role to help with the transition. "These are difficult decisions which we do not make lightly," a Chevron spokesperson said, adding the company will offer severance and other support. The emphasis on safety comes after Wirth warned Chevron employees earlier this year that the company saw an increase in close calls that could have resulted in serious injuries or fatalities. Chevron and Hess staff were asked not to contact each other until the integration is complete, according to the two Hess employees and an internal Chevron message that Reuters reviewed. "We need them to focus on safe operations and on navigating the complex changes that result from this merger," said the internal Chevron message.
Business Times
23-07-2025
- Business
- Business Times
Chevron cuts 575 jobs in Houston after closing Hess acquisition, filing reveals
[BENGALURU] Chevron cut 575 positions in the Houston area after it completed its US$55 billion merger with Hess, a Texas Workforce Commission filing revealed on Wednesday (Jul 23). According to a Worker Adjustment & Retraining Notification dated Jul 18, the US energy major laid off the employees when its takeover of Hess was officially completed. The reductions will take effect on Sep 26, according to the notice. The merger was delayed for over a year but even as the green light for it was awaited, Chevron had been making preparations so it could close the deal with Hess quickly, Reuters previously reported. Information technology workers from Chevron and Hess met regularly to plan the integration, and Hess employees were informed that they could request a severance package following the deal's close. Converting technology and combining employees from both companies would take a few months, Chevron CEO Mike Wirth had said last week. REUTERS
Yahoo
23-07-2025
- Business
- Yahoo
Chevron cuts 575 jobs in Houston after closing Hess acquisition, filing reveals
(Reuters) -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. According to a Worker Adjustment & Retraining Notification dated July 18, the U.S. energy major laid off the employees when its takeover of Hess was officially completed. The reductions will take effect on September 26, according to the notice. The merger was delayed for over a year but even as the green light for it was awaited, Chevron had been making preparations so it could close the deal with Hess quickly, Reuters previously reported. Information technology workers from Chevron and Hess met regularly to plan the integration, and Hess employees were informed that they could request a severance package following the deal's close. Converting technology and combining employees from both companies would take a few months, Chevron CEO Mike Wirth had told Reuters in an interview last week.
