Market Chatter: Chevron Urges Hess Employees to Focus on Safety as Layoff Decisions Near
Chevron (CVX) has urged Hess (HES) employees to stay focused on safety operations as they await word
| Ticker |
HES
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| CIK | 0000004447 |
| SIC | 2911 |
| Sector | Mining |
| Industry Category | Petroleum And Natural Gas |
| Industry Group | Petroleum Refining |
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Market Chatter: Chevron Urges Hess Employees to Focus on Safety as Layoff Decisions NearChevron (CVX) has urged Hess (HES) employees to stay focused on safety operations as they await word Chevron tells Hess staff to focus on safety as they await job updatesHOUSTON (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. Chevron cuts jobs following completion of Hess acquisitionThe layoffs are expected to take effect on 26 September. Chevron cuts 575 jobs in Houston after closing Hess acquisition, filing revealsAccording 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 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. US oil producer Continental Resources drops fraud lawsuit against rival HessU.S. shale producer Continental Resources has dropped a lawsuit it filed against rival Hess Corp in May, which alleged it was defrauded out of up to $69 million through a series of deals the well operator conducted with its subsidiaries. Continental said that Hess, which operates hundreds of wells in North Dakota, artificially inflated midstream service fees by entering into agreements with its own subsidiaries. Continental, Hess and Chevron, which closed its acquisition of Hess last week, did not respond to requests for comment. |