Chevron will “consolidate or eliminate some positions” as part of its integration with Hess Corporation, a Chevron spokesperson told Rigzone.
“Chevron completed the merger with Hess Corporation on July 18,” the spokesperson said.
“We are working quickly to integrate the Hess workforce and are focused on maintaining safe and reliable operations throughout the transition period,” the spokesperson added.
“As part of the integration, we will consolidate or eliminate some positions. As required by the WARN Act, Chevron has provided notice of a planned workforce reduction to appropriate state and local government representatives for Downtown Houston and North Dakota,” the spokesperson went on to state.
When asked by Rigzone to confirm how many positions will be affected, the Chevron spokesperson said, “for the WARN Notices issued on July 21, Chevron anticipates a reduction of approximately 575 employees in Downtown Houston and 70 employees in North Dakota”.
The spokesperson told Rigzone that “these are difficult decisions which … [the company does] not make lightly”.
“We understand the impact this news may have on employees, their families and the communities where we operate,” the spokesperson said.
“Our priority is to support our employees through this transition. We are offering severance benefits and outplacement support,” the Chevron representative added.
In a statement posted on its website on July 18, Chevron announced that it had completed its acquisition of Hess Corporation following the satisfaction of all necessary closing conditions, including a favorable arbitration outcome regarding Hess’ offshore Guyana asset.
“This merger of two great American companies brings together the best in the industry,” Chevron Chairman and CEO Mike Wirth said in that statement.
“The combination enhances and extends our growth profile well into the next decade, which we believe will drive greater long-term value to shareholders,” he added.
In this statement, former Hess Corporation CEO John Hess said, “we are proud of everyone at Hess for building one of the industry’s best growth portfolios including Guyana, the world’s largest oil discovery in the last 10 years, and the Bakken shale, where we are a leading oil and gas producer”.
“The strategic combination of Chevron and Hess creates a premier energy company positioned for the future,” Hess added.
The statement noted that the transaction is expected to achieve run-rate cost synergies of $1 billion by the end of 2025.
According to Chevron’s 2024 annual report, the company had 39,742 employees at year-end 2024. This figure stood at 40,212 at year end 2023 and 38,258 at year end 2022, the annual report showed.
Chevron’s report highlighted that the year-end employee figures exclude service station employees. The number of these employees totaled 5,556 at the end of last year, the report pointed out.
As of December 31, 2024, Hess Corporation had 1,797 employees globally, Hess’ 2024 annual report, which was posted on its website back in April, revealed. Of this figure, 1,585 were based in the U.S. and 212 were based in the Malaysia and Thailand Joint Development Area, that report outlined.
Hess’ 2023 annual report showed that the company had 1,756 employees at year-end 2023, with 1,594 of these based in the U.S. and 162 based in the Malaysia and Thailand Joint Development Area, and the company’s 2022 annual report showed that the business had 1,623 employees at year-end 2022, with 1,476 of these based in the U.S. and 147 based in the Malaysia and Thailand Joint Development Area.
To contact the author, email andreas.exarheas@rigzone.com
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