Chevron Cuts Almost 800 from Workforce in Permian
Reuters reported in February that the supermajor would reduce its global workforce by up to 20%—about 8,000 people—as part of an effort to cut costs, simplify its business and complete a major acquisition.
Houston-based Chevron has faced production challenges including cost overruns and delays in a large Kazakhstan oilfield project. Its $53-billion deal to acquire oil producer Hess and gain a foothold in Guyana's lucrative oilfield is in limbo while a protracted court battle with rival Exxon Mobil plays out.
A consolidation trend that swept the upstream space through the end of 2024 has resulted in several large layoff announcements in Texas. In October, Marathon Oil advised the TWC of its plan to cut more than 500 jobs once its merger with ConocoPhillips closes.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
16 minutes ago
- Business Wire
KBRA Comments on Colony Bankcorp, Inc.'s Proposed Acquisition of TC Bancshares, Inc.
NEW YORK--(BUSINESS WIRE)--On July 23, 2025, Fitzgerald, GA-based Colony Bankcorp, Inc. (NYSE: CBAN) ("Colony"), parent company of Colony Bank, and Thomasville, GA-based TC Bancshares (OTCQX: TCBC) ('TC Bancshares'), parent company of TC Federal Bank, jointly announced that they had entered into a definitive agreement pursuant to which TC Bancshares, Inc. would merge with and into Colony Bankcorp, Inc., and TC Federal Bank would merge with and into Colony Bank. The transaction, valued at $86.1 million (P/TBV: 1.1x), is 80% stock and 20% cash consideration and is expected to close in 4Q25 pending regulatory approval. Under the agreement, Greg Eiford, TC Bancshares' President and CEO, would be joining CBAN as an Executive VP and Chief Community Banking Officer. In our view, the proposed acquisition is in line with Colony's overall growth strategy of expansion into contiguous markets through both acquisitive and organic means. The transaction allows CBAN to expand its footprint in Georgia, notably, in Thomasville and the Savannah MSA, in addition to Tallahasse and Jacksonville, Florida, while providing solid opportunities for commercial growth and expansion of its fee-based business lines and continuing focus on its commitment to community banking. The acquisition is expected to add approximately $571 million in assets to CBAN's balance sheet at close, with proforma $3.8 billion in total assets, $2.4 billion in loans, and $3.1 billion in deposits, as well as adding 4 branch locations. The combined company's pro forma financial projections include strong profitability metrics following the close of the transaction, in part, due to expected cost savings of approximately 33% of TCBC's operating base. In addition to the cost savings, earnings should receive a temporary boost from accretion income, with CBAN reporting an estimated $13.3 million in interest rate marks on the loan portfolio. Regarding credit quality, both institutions have reflected solid asset quality performance over time, including nominal credit loss history, which is underpinned by disciplined underwriting and conservative management teams that have extensive knowledge of operating markets. The proforma loan portfolio is not expected to change materially as both institutions have complementary loan mixes, with investor CRE remaining the largest component at ~32% of total loans (including multifamily), followed by C&I (including owner-occupied CRE) at ~25%, and residential mortgage at 22%. CBAN conducted a review of the loan portfolio (67% of loans) and expects to record a total gross pre-tax credit mark of $4 million (1%) along with a Day 2 CECL adjustment of $2 million in relation to the transaction. With respect to deposit mix, TCBC maintains a deposit base concentrated in interest-bearing deposits resulting in somewhat elevated deposit costs of 2.45%. That said, NIB deposits are solid at 15% of total deposits as of 2Q25. Furthermore, Colony has managed solid capital metrics with a CET1 ratio of 12.3% at 2Q25, and management anticipates this ratio to improve to 12.5% at closing. Overall, we believe that the proposed acquisition complements CBAN's growth strategy, and while there is an inherent level of integration risk involved with any bank M&A transaction, such risk is somewhat mitigated by management's previous M&A integration experience. About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. Doc ID: 1010527
Epoch Times
18 minutes ago
- Epoch Times
Intel Shares Plunge on Layoffs, Foundry Pullback
Announcing its second-quarter results on July 24, Intel Corp. said it is moving ahead with plans to cut about 15 percent of its staff by year's end and scale back its plans to build chip facilities overseas. Its shares plunged more than 9 percent during the July 25 trading session. The Santa Clara, California-based technology firm expects to maintain a core workforce of about 75,000—a reduction from 108,900 employees as of December 2024.
Yahoo
29 minutes ago
- Yahoo
Fiserv revenue forecast dims
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Dive Brief: Fiserv executives spent much of Wednesday's second-quarter earnings call explaining why the payments processing behemoth's revenue for the quarter came in below Wall Street analysts' expectations. Milwaukee-based Fiserv reported 8% revenue growth for the second quarter compared to the same quarter in 2024. That was lower than the double-digit growth figures that some analysts projected. Fiserv also adjusted its revenue projections for the rest of 2025, CEO Mike Lyons told investors on Wednesday's call. The previous guidance predicted between 10% and 12% revenue growth compared to 2024, he said. The updated guidance now projects 10% revenue growth for the year, Fiserv's second-quarter earnings release showed. Dive Insight: Lyons and Chief Financial Officer Bob Hau attributed the lower-than-expected figures to delayed initiatives, along with economic uncertainty. 'Some of that is on us, and some is driven by factors that we don't fully control,' Lyons said during prepared remarks, although he did not elaborate. The CEO singled out the unified payments platform Commerce Hub and the billing platform CashFlow Central as services the company hoped would have expanded more so far this year. He provided few additional details, even when pressed by analysts during the question-and-answer session on Wednesday's call. Fiserv is not falling short of its revenue projections, a spokesperson stressed in an emailed statement, the company instead expects to see revenue at the lower end of the range it projected earlier in the year. "The delays mentioned [in the earnings call] are not specific to any products or initiatives," the spokesperson said. "Instead, we are experiencing longer-than-expected timelines to market in some cases and to implement products in others. These are simply timing adjustments, not changes in strategy. We remain confident in the long-term value of these initiatives." Fiserv also announced on Wednesday an agreement to buy part of TD Bank Group's Canadian merchant processing business. The deal includes a portfolio of 3,400 small businesses at 30,000 locations that will migrate to Fiserv's Clover point-of-sale system, a Wednesday news release said. The release also said the payment processor signed a multi-year agreement to provide Clover's services to Canadian businesses supported by TD Merchant Solutions. While Lyons hinted at 'an uncertain macro environment,' he did not directly link the earnings figures to economic headwinds. Still,forecasters have projected a possible recession this year. JPMorgan Chase in May put the odds of the economy sliding into recession in the second half of the year at 40%, citing, among other things, President Donald Trump's on-again, off-again tariff threats. Previous growth projections were based on 'a relatively strong macroeconomic outlook,' Lyons said of the revised revenue forecast during the earnings call, but stressed that Fiserv still expects revenue growth to pick up in the second half of 2025, compared to the first half. The processor reported $5.52 billion in revenue for the second quarter, an 8% increase over the $5.1 billion it reported in the year-ago quarter. The company also reported second-quarter net income rose 14% to $1.02 billion, from $894 million in the year ago quarter. The company's stock has been in a downward trend this year as the business adjusts to leadership changes after Frank Bisignano said late last year he would exit Fiserv' CEO post to lead the Social Security Administration under the Trump administration. Lyons stepped into the role in May. Fiserv's stock fell on Wednesday following the company's earnings report. The stock price closed at $143 Wednesday after touching $128.22, down from a close of $165.98 on Tuesday, according to Yahoo Finance data. Analysts had mixed views of near-term prospects for Fiserv. 'We anticipate a modest second half 2025 organic revenue growth reacceleration,' analysts for the financial firm William Blair wrote in a note to investors following the earnings call. Although they added, 'that said, near-term performance will likely be choppy, and we think management will have to dig out of a credibility hole of its own making.' Clarification: The story has been updated to provide stock price data from Yahoo Finance. Recommended Reading Fiserv exec talks real-time payments and challenges Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
