Marathon Oil Corp. will lay off a chunk of its workforce after closing on its merger with ConocoPhillips by year-end, according to a filing with the Texas Workforce Commission. (Source: Shutterstock)
Marathon Oil Corp. will lay off a chunk of its workforce after closing on its merger with ConocoPhillips by year-end, according to a filing with the Texas Workforce Commission.
The Houston-based E&P is planning for “a mass layoff at the Houston Facility wherein at least 500 employees will experience an employment loss” during the 12 months following closing, said Jill Ramshaw, senior vice president for human resources, in the Oct. 28 Worker Adjustment and Retraining Notification (WARN) letter.
Marathon and ConocoPhillips announced the $22.5 billion merger in May. The Houston address listed in the WARN notice is that of Marathon’s corporate headquarters.
Marathon reported a worldwide workforce of 1,681 with 74% based in the U.S. at the end of 2023 in its annual filing with the U.S. Securities and Exchange Commission.
Terminated employees will be notified of specific end dates within a month of closing, and “many will be retained for transition roles,” according to the WARN notice.
Those transition positions are still being finalized, but Marathon said more than 50% of them will last more than six months. The Houston office will not close entirely, the filing said.
Hart Energy’s call to Marathon for additional information wasn’t immediately returned.
Recommended Reading
ConocoPhillips Hits Permian, Eagle Ford Records as Marathon Closing Nears
2024-11-01 - ConocoPhillips anticipates closing its $17.1 billion acquisition of Marathon Oil before year-end, adding assets in the Eagle Ford, the Bakken and the Permian Basin.
Dividends Declared the Week of Oct. 28
2024-11-01 - Here is a compilation of dividends declared this week for select upstream, midstream and downstream companies.
Exxon Mobil to Cut Almost 400 Jobs in Wake of Pioneer Acquisition
2024-11-14 - A regulatory filing shows more than 90% of layoffs are at Pioneer’s former headquarters in Irving, Texas with the rest being workers in Midland.
Post Oak-backed Quantent Closes Haynesville Deal in North Louisiana
2024-09-09 - Quantent Energy Partners’ initial Haynesville Shale acquisition comes as Post Oak Energy Capital closes an equity commitment for the E&P.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.