Cenovus Energy (CVE) Misses Q3 EPS by 35c

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Go back to Cenovus Energy (CVE) Misses Q3 EPS by 35c

Exclusive: Chevron to lay off about 25% of Noble Energy employees after merger

October 27, 2020 12:29 PM EDT

By Shariq Khan and Jennifer Hiller

(Reuters) - Chevron Corp (NYSE: CVX) will lay off about 25% of Noble Energy's employees who joined the oil major after its $4.1 billion purchase of the smaller rival earlier this month, the company told Reuters on Tuesday.

A collapse in crude oil prices has forced most oil and gas producers to drastically cut costs by laying off thousands of employees and cutting down on drilling. For many companies, consolidation with larger players at low or no premiums is becoming... More