Texas can expect yet another wave of job cuts throughout the oil and gas sector as numerous firms have announced a combined 700 employee reduction in the upcoming months.
Recently, ConocoPhillips announced a 10 percent reduction in its total labor force. According to a report from Fuel Fix, this equates to more than 500 positions in the Houston area, at 10 separate facilities around the city.
“In light of the current market environment, ConocoPhillips is taking action focused on increasing efficiency and reducing costs,” the company said in a letter to the Texas Workforce Commission.
In East Texas, oil support firm Bronco Oilfield Services is planning to cut 52 employees around Oct. 30 and close a facility in Longview, Texas. In a release, the company stated that it intends to offer severance benefits to employees who are eligible and that remain employed until the date of closure.
Cameron International— the firm that agreed to a $12.8 billion buyout by Schlumberger— told the Texas Workforce Commission it is cutting 150 staff members over the next four months at its Brittmoore facility in Houston. Cameron stated that “the current declining business conditions” were the reasoning behind the cuts. The company will begin layoffs Nov. 2 and implement another round on Dec. 7.
Unfortunately, Cameron does not have any sort of policy provisions for transferring employees. The company did note, however, that employees may apply for any open positions at any other company locations.