The oil and gas company Hess Corp. said it will lay off about 300 employees or 13 percent of its workforce this year as it labors to sell assets, slim down operations and post its first quarterly profit since 2014.
Cuts will start this week, the company said. Houston, as the home to a majority of Hess’ employees, will absorb more layoffs than any other location, according to spokeswoman, who declined to provide further details.
Hess now operates in the Gulf of Mexico, Gulf of Thailand, North Dakota’s Bakken oil field and offshore Guyana.
She said the cuts and higher-profit portfolio should together drive down production costs by 30 percent to less than $10 per barrel of oil and gas by 2020.
Hess executives were slated to fly into Houston on Tuesday to meet with employees, but at least some were delayed by an incoming ice and snow storm. “We are doing all we can to ease the transition for employees who are impacted,” Hecker said.