Chevron to scrap 25% of Noble Energy jobs

SAN RAMON, California and HOUSTON — Chevron Corp. (NYSE: CVX) will lay off 25% of Noble Energy employees after it completed a $5 billion acquisition of the latter this month.

In a statement, Chevron confirmed that the company will make the cuts across the former Noble workforce, but did not specify how many jobs would be cut in Colorado.

“We are confident the Noble employees who are selected (to remain) will play an important role in helping Chevron compete in any environment,” the company said.

Reuters first reported the companywide layoffs, with more than 700 reported in Noble’s headquarters in Houston.

No mass layoff notices from either Noble or Chevron have been sent to the Colorado Department of Labor and Employment as of Tuesday afternoon.

Chevron’s acquisition closed in early September, with the oil giant paying for the deal completely with stock. When incorporating Noble’s debt, the deal amounts to a total of $13 billion.

Before it was acquired, Noble was the second-largest producer of oil in Weld County, having produced 30.91 million barrels of oil and 215.18 million metric cubic feet of natural gas last year, according to data from the Colorado Oil and Gas Conservation Commission. Almost all of its Colorado production was in Weld County.

Chevron did not have drilling positions in Colorado prior to its takeover of Noble.

© 2020 BizWest Media LLC

SAN RAMON, California and HOUSTON — Chevron Corp. (NYSE: CVX) will lay off 25% of Noble Energy employees after it completed a $5 billion acquisition of the latter this month.

In a statement, Chevron confirmed that the company will make the cuts across the former Noble workforce, but did not specify how many jobs would be cut in Colorado.

“We are confident the Noble employees who are selected (to remain) will play an important role in helping Chevron compete in any environment,” the company said.

Reuters first reported the companywide layoffs, with more than 700 reported in Noble’s headquarters in Houston.

No mass layoff notices from either Noble or Chevron have been sent to the Colorado Department of Labor and Employment as of Tuesday afternoon.

Chevron’s acquisition closed in early September, with the oil giant paying for the deal completely with stock. When incorporating Noble’s debt, the deal amounts to a total of $13 billion.

Before it was acquired, Noble was the second-largest producer of oil in Weld County, having produced 30.91 million barrels of oil and 215.18 million metric cubic feet of natural gas last year, according to data from the Colorado Oil and Gas Conservation Commission. Almost all of its Colorado production was in Weld County.

Chevron did not have drilling positions in Colorado prior to its takeover of Noble.

© 2020 BizWest Media LLC