Conoco to slash its costs amid depressed oil prices

Article Abstract:

Conoco Inc. has announced it will cut 975 jobs and cut its capital spending by 21% in 1999. The company will also record a $50 million fourth-quarter charge due to these cuts. Conoco is 70% owned by DuPont Co. of Wilmington, Delaware. The cuts are necessary due to forecasts of low crude prices in 1999 and to the completion of the company's many projects in 1998. The job cuts will mean a savings of around $60 million to Conoco. Conoco has around 16,000 regular employees and around 27,000 full-time contractors.

Comment:

To cut 975 jobs and capital spending by 21% in 1999

Financial management, PETROLEUM AND COAL PRODUCTS, Petroleum, Petroleum and Coal Products Manufacturing, Personnel administration, Human resource management, Abstract, Conoco Inc.

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ChevronTexaco's net rose in 2nd quarter on higher fuel prices

Article Abstract:

ChevronTexaco Corp. posted higher net income of $1.6 billion (1.42 billion euros) for the 2003 second quarter. The company was helped by an increase in fuel prices.

Sales, profits & dividends, Finance, Company sales and earnings, Gas industry, Energy industries, Energy industry, Company earnings/profit, Chevron Corp., Petroleum and gas industry software

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Gasoline prices in the U.S. soar on low reserves, high demand

Article Abstract:

The U.S. reported higher gasoline prices during the week of August 20, 2003. Prices rose by 12 US cents because of low reserves and increased demand.

Commodity & service prices, Petroleum Refineries, Petroleum refining, Gasoline, Prices and rates, Gasoline industry, Company pricing policy

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