The London-based trading unit of Russia's Gazprom Pao has laid off about 20% of its workforce, including at least six directors, the Wall Street Journal reported on Nov. 18.
The job cuts by Gazprom Marketing & Trading include 170 people in London and followed a cost savings review by consultancy Oliver Wyman, the newspaper said, citing two people familiar with the matter.
Gazprom Marketing & Trading expects a big fall in profits at some of its units this year, the newspaper reported.
Oliver Wyman and Gazprom Marketing & Trading were not immediately available for comment.
Gazprom, which had about 462,400 employees as of Dec. 31, and other oil and gas companies have been hit by a 60% slump in oil prices since mid-2014.
Recommended Reading
Wildcatting is Back: The New Lower 48 Oil Plays
2024-12-15 - Operators wanting to grow oil inventory organically are finding promising potential as modern drilling and completion costs have dropped while adding inventory via M&A is increasingly costly.
Formentera Joins EOG in Wildcatting South Texas’ Oily Pearsall Pay
2025-01-22 - Known in the past as a “heartbreak shale,” Formentera Partners is counting on bigger completions and longer laterals to crack the Pearsall code, Managing Partner Bryan Sheffield said. EOG Resources is also exploring the shale.
Huddleston: Haynesville E&P Aethon Ready for LNG, AI and Even an IPO
2025-01-22 - Gordon Huddleston, president and partner of Aethon Energy, talks about well costs in the western Haynesville, prepping for LNG and AI power demand and the company’s readiness for an IPO— if the conditions are right.
E&P Highlights: Dec. 16, 2024
2024-12-16 - Here’s a roundup of the latest E&P headlines, including a pair of contracts awarded offshore Brazil, development progress in the Tishomingo Field in Oklahoma and a partnership that will deploy advanced electric simul-frac fleets across the Permian Basin.
E&Ps Pivot from the Pricey Permian
2025-02-01 - SM Energy, Ovintiv and Devon Energy were rumored to be hunting for Permian M&A—but they ultimately inked deals in cheaper basins. Experts say it’s a trend to watch as producers shrug off high Permian prices for runway in the Williston, Eagle Ford, the Uinta and the Montney.