| Hess, Targeted by Elliott, Will Cut 300 Jobs to Trim Costs | |
| | |
|
Hess Corp., the oil producer targeted by hedge fund Elliott Management Corp., plans to shed about 300 jobs in 2018 as it seeks to cut costs by $150 million a year. The layoffs, which are part of a cost-reduction program announced in October, will account for more than 7 percent of the New York-based company’s workforce at the end of 2016, Lorrie Hecker, a spokeswoman for Hess, said by email Tuesday. The company is also aiming to make reductions in its contractor base, she said. Reuters reported the plan earlier. “We moved aggressively in 2017 to focus and high grade our company’s portfolio," Hecker said. "The combination of this cost reduction program and our high graded portfolio is expected to drive down cash unit production costs by approximately 30 percent" by 2020. More from Bloomberg.com: Bitcoin Tumbles 20% as Fears of Cryptocurrency Crackdown Linger Last month Elliott called for Chief Executive Officer John Hess to fix the oil producer his father founded or get out. The feud between Elliott and Hess goes back at least four years. The fund is calling for Elliot to sell assets in Southeast Asia and wants the company to focus on share buybacks instead of dividends. Hess estimates that its drive to reduce costs will save about $150 million a year starting in 2019, Hecker said. More from Bloomberg.com Read Hess, Targeted by Elliott, Will Cut 300 Jobs to Trim Costs on bloomberg.com |
|
Read the rest of the article at
https:
|
Hess Corporation
|
|
|
CODE : HES |
ISIN : US42809H1077 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Hess Corp. is a and oil exploration company based in United states of america. Hess Corp. is listed in Germany and in United States of America. Its market capitalisation is US$ 49.4 billions as of today (€ 46.4 billions). Its stock quote reached its lowest recent point on November 17, 1989 at US$ 10.06, and its highest recent level on April 23, 2024 at US$ 156.94. Hess Corp. has 315 053 615 shares outstanding. |