As per The Australian,Chevron Corporation CVX has reduced headcount at Western Australia’s Gorgon LNG development by at least 1200.
The company has terminated roughly 530 electrical workers from the project. Moreover, about 700 jobs – that include boilermakers, pipe fitters, welders along with trade helpers – have been laid off. In fact, according to the media sources, Chevron had declared last month that it will significantly reduce job count in Australia.
San Ramon, CA-based Chevron is one of the largest publicly traded oil and gas companies in the world, based on proved reserves. It is engaged in oil and gas exploration and production, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses.
Chevron’s current oil and gas development project pipeline is among the best in the industry, boasting large, multi-year projects. Additionally, Chevron possesses one of the healthiest balance sheets among its peers, which helps it to capitalize on investment opportunities with the option to make strategic acquisitions.
However, the ongoing oil price slump has affected the group’s earnings and cash flows, in particular at its upstream unit.
As a result, Chevron carries a Zacks Rank #3 (Hold), implying that it will perform in line with the broader U.S. equity market over the next one to three months.
Meanwhile, some better-ranked players in the energy sector are Murphy USA Inc. MUSA, Energy Transfer Equity LP ETE and Ocean Rig UDW Inc. ORIG. Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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