Chevron warned some workers will lose their jobs in its massive merger with Noble Energy. These are the roles being targeted for cuts.
The deal is expected to yield at least $300 million in yearly cost savings, partially by laying off some workers, Chevron said in a call with investors following the announcement.
About two-thirds of the stated savings would come from operating costs, including the workforce, Pierre Breber, Chevron's CFO, said on the call. Specifically, IT, office workers, and consultants would be impacted, but "there are no field cost reductions," he added. On Monday, Brent crude, the international price benchmark, was trading at about $43 a barrel, down roughly 35% since the start of the year. Are you an employee at Chevron or Noble Energy? We want to hear from you. Reach out to this reporter atReutersChevron's bid to buy Noble, valued at about $13 billion including debt, is the largest US energy deal to be announced this year.
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