Title : Hess Cutting Workforce As It Battles Activist Investor -- Fox -- January 16, 2018
link : Hess Cutting Workforce As It Battles Activist Investor -- Fox -- January 16, 2018
Hess Cutting Workforce As It Battles Activist Investor -- Fox -- January 16, 2018
Hess is cutting hundreds of workers as it battles activist investor, Fox is reporting.Wow, the headline is truly understated this time. From the linked story:
Hess Corp is cutting roughly 13 percent of its workforce and streamlining operations as it battles an activist hedge fund shareholder pushing for the U.S. oil and gas producer to post its first quarterly profit since 2014.
Most of the cuts, which could start as early as Tuesday and continue through the week, are in Houston, home to a majority of the company’s employees.
Lorrie Hecker, a Hess spokeswoman, confirmed the cuts, saying about 300 workers, or about 13 percent of the company’s workforce, would be dismissed.
Hess had not cut staff two years ago even as some peers let thousands of workers go, with executives publicly saying they would retain talent in anticipation of a price rebound. Recent asset sales and pressure from investors to improve results have the company reversing course just as rivals post improved results from rising commodity prices.The employees who lose their jobs can blame a hedge fund. Hess held out -- trying not to cut workforce.
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