Freeport-McMoRan Makes Further Job Cuts in Houston
Freeport-McMoRan Oil & Gas LLC, subsidiary of Freeport-McMoRan Inc., will make further cuts to its Houston workforce, according to data from the Texas Workforce Commission (TWC).
The Phoenix-based natural resources company previously announced in May it was laying off 170 workers at two Houston office locations because of weak global economic conditions and low oil prices. Data received by the TWC Sept. 13 states the company will permanently lay off an additional 23 employees at the same locations.
The layoffs will begin Nov. 12 and affected employees will receive severance benefits and transition assistance.
Freeport-McMoRan has made many efforts to cut CAPEX (capital expenditures). The company has deferred (E&P) exploration and production activities and three of its drillships have been idled. Earlier this month, the company announced it was selling $2 billion worth of its deepwater Gulf of Mexico assets to Anadarko Petroleum Corporation. The deal is expected to close 4Q 2016.
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