Cobalt International Energy to Cut 50 Houston Positions

A continuing difficult market environment due to low oil prices is the cause for another round of layoffs, this time at exploration and production company Cobalt International Energy, Inc. 

In a letter to the Texas Workforce Commission dated Feb. 19, Houston-based Cobalt stated it will be cutting 50 positions from its corporate office in Houston.

The layoffs will take place April 30 and impacted employees will receive 60 days advance notice as well as severance assistance.

Cobalt has deepwater assets with material interest in the Gulf of Mexico and offshore West Africa. Cobalt is in the process of selling its 40 percent working interest in Angola Blocks 20 and 21 Sonangol for $1.75 billion before taxes. According to a company release dated Feb. 22, Cobalt has received an initial payment of $250 million in 2015. The transaction is expected to close after approvals from the Angolan government.

The release stated the job cuts are part of the company’s restructuring efforts to better serve its business needs after the Angola sale. The company expects to reduce its total workforce by about 50 percent. According to the company’s website, Cobalt employs more than 300 full-time employees and consultants.  

Valerie is an experienced writer and editor dedicated to providing useful and relevant career news about the oil and gas industry. Email Valerie at valerie.jones@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Valerie Jones
Editor, Careers | Rigzone
 -  Rigzone Survey: Millennials Want Train... (Dec 5)
 -  Jobs Report: US Mining Employment Unch... (Dec 2)
 -  Rowan Idles Rig, Will Lay Off Up To 11... (Nov 28)
 -  BLOG: AFBE-UK Scotland Prepares Minori... (Nov 23)
 -  Body Art and Oil, Gas: Are Your Tattoo... (Nov 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
US Human Resources Manager
Expertise: HR - General
Location: Houston, TX
 
Operations Manager
Expertise: Operations Management|Process Management|Regulatory Compliance
Location: Kermit, TX
 
IT Intern - Commercial Operations Job
Expertise: IT - Analysis & Management|IT - Sys Admin & Support|Student / Recent Grad
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours