US oil and gas firm, Chevron has decided to reduce Noble Energy’s workforce by 25 per cent following the recent merger between the two companies.
According to Reuters, Chevron would lay off about a quarter of Noble Energy’s employees who joined the oil major after its $4.1 billion purchase of the smaller rival earlier this month.
These job cuts are on top of Chevron’s plan to reduce 10 to 15 per cent of its own workforce, after the company promised to lower its operating expenses by $1 billion this year to cope with the downturn.
As detailed by the news agency, Chevron’s reduction of its own workforce implies cutting between 4,500 and 6,750 jobs, while job cuts at Noble will reduce the workforce by another 570 positions.
