January 16, 1999 |
Atlantic Richfield Co. said it will eliminate an additional 300 jobs and take charges of $890 million in the fourth quarter, continuing a trend of cutbacks and consolidation in an oil industry battered by low prices for crude and weak demand. The layoffs will now total about 7% of Los Angeles-based Arco's total worldwide work force of 18,000. "The bulk of the cuts are in corporate offices and technical areas, such as engineers and scientists," said spokeswoman Linda Dozier.
December 30, 1998 |
Conoco Inc. said it will eliminate 975 jobs, or 6% of its work force, next year as part of an effort to slash expenses by $500 million, joining other oil-related companies making cuts because of plunging oil prices. The cost-cutting program, which will reduce Conoco's spending by 22%, will result in a $50-million charge against fourth-quarter earnings. A spokesman for Conoco, which is 70% owned by DuPont Co.
October 14, 1998 |
Atlantic Richfield Co. employees have been handed details of severance packages as a prelude to a major layoff that the Los Angeles-based company confirms will be announced in the next few days. Sources predict the job cuts may run as high as half of headquarters staff, which totals 400 permanent and 250 temporary employees, through a combination of layoffs and "outsourcing" of jobs.
October 10, 1998
The Transportation Department said it postponed indefinitely public hearings on the planned alliance between British Airways and AMR Corp.'s American Airlines after the collapse of aviation trade talks with Britain earlier this week. U.S. negotiators walked away from the talks, citing a lack of progress on key issues, including liberal route rights and open pricing. * * Shell Oil Co., the U.S.
September 25, 1998 |
Low oil prices and takeover fears have hit the local oil industry: Los Angeles-based Atlantic Richfield Co. is getting ready to fire an unspecified number of employees and slash expenses. This follows an 80-employee layoff Wednesday at Occidental Petroleum's Bakersfield-based drilling division, with promises of more cuts to come.
September 24, 1998 |
Los Angeles-based Occidental Petroleum Corp. laid off 80 workers at the Bakersfield headquarters of its oil and gas drilling subsidiary because of low oil prices and competitive pressures. The company also said in an internal memo that it would cut another 180 jobs at the Bakersfield office of Occidental Oil & Gas Corp., which previously employed 395. Fifty of those jobs will be transferred to a new services division, the memo said. Occidental employs slightly more than 12,000 people worldwide.