LayoffBlog.com

Oil giant Royal Dutch Shell is on the verge of carrying through with a large number of previously announced job cuts and reassignments, according to an employee e-mail sent by CEO Peter Voser.

Shell previously said its reorganization would affect about 24,000 of its 102,000 workers, though not necessarily with job cuts in all cases.

Source: Houston Chronicle

China’s state-owned enterprises may unilaterally terminate commodities contracts as they try to cut massive losses from financial derivatives, an industry source told Caijing on August 28.

According to the source, China’s State-owned Assets Supervision and Administration Commission (SASAC) has sent notice to six foreign financial institutions informing them that several state-owned enterprise will reserve the right to default on commodities contracts signed with those institutions.

Most investment banks may “just swallow” any losses arising from canceled contracts, the executive said, adding that any losses are usually made up for with compensating trades.

Source: Caijing.com.cn

Suncor Energy Inc., Canada’s largest oil exploration and refining firm, said on Thursday it expects to cut 1,000 jobs by the middle of next month as it consolidates operations and reduces costs after its C$22.7 billion ($20.4 billion) acquisition of Petro-Canada last month.

Source: Reuters

According to Dow Jones, WSJ: “Smith International Inc.’s (SII) first-quarter net income fell 41% on weakness in its North American business and a “sharp drop” in drilling activity as the company said it cut 14% of its North American work force.”

~News submitted by upthecreek

Rex Tillerson, chairman and CEO of Exxon Mobil Corp., received a 10% raise in 2008, a year in which the oil company reported a record-setting profit but saw its stock price drop 15%.

Mr. Tillerson received a compensation package valued at $23.9 million, according to the company’s proxy filing, which was released Monday.

Source: WSJ

Pennsylvania Gov. Ed Rendell on Thursday asked Sunoco Inc. to rescind its decision to permanently lay off 20 percent of its salaried work force.

A spokesman for Sunoco (NYSE: SUN) said the layoffs, which will eliminate 750 white-collar positions, are necessary because of the economy.

“This is a strategic decision to keep the company strong so we can continue to provide good jobs and continue to attract investments that allow us to grow. So we will not be reversing our decision,” Thomas Golembeski said.

Source: Pittsburgh Business Times

According to CNNMoney: “Sunoco Inc. (SUN) announced Friday that it will cut 750 jobs, 20% of the salaried work force, at its Philadelphia headquarters and two area refineries in an attempt to better perform during downturns in oil refining.”

Citgo Petroleum Corp. on Wednesday said it will cut about 75 employees, or 2 percent of its work force, as part of restructuring efforts.

Those impacted by the layoffs are being offered special separation packages, according to Citgo.

Source: Houston Business Journal

According to Reuters: “Oil services company Allis Chalmers Energy Inc (ALY.N) announced a slew of cost cutting measures, including eliminating 235 jobs in the United States, reducing certain day rates and employee benefits, but said it expects its international business to grow in the second half of 2009.”

The Wall Street Journal reports:

Oilfield services giant Schlumberger Ltd. (NYSE:SLB) has begun laying off hundreds of workers in the U.S. and around the world in the first of what experts say will likely be a wave of job cuts in the energy industry.

Schlumberger, the world’s largest oilfield services firm by market capitalization, said Thursday that it plans to lay off about 1,000 workers in North America, about 5% of its workforce there. The company also is cutting some of its 65,000 overseas workers but said it does not yet have exact figures.

Halliburton Corp., Schlumberger’s largest rival, said Thursday that it also will be cutting jobs, but provided no details.

According to WSJ: “Russians have begun to feel the chill of the financial crisis, as it triggers layoffs and wage-payment delays reminiscent of the economic collapse in the late 1990s.

On Thursday, Prime Minister Vladimir Putin promised new measures, including lower corporate taxes and higher unemployment payments, in addition to an existing bailout package.

Government data show that wage arrears jumped in October to over four billion rubles ($145 million), their highest level in a year, and that firms owe back pay to 300,000 people. Economists say the real figures are likely to be higher, though far below those seen in the 1990s, when tens of millions of people were affected. Then, workers went without salaries for months on end, sparking nationwide protests.”

According to NY Times (05/21/2008): “An analyst at Goldman Sachs, Mr. Murti has become the talk of the oil market by issuing one sensational forecast after another. Mr. Murti remembers the pain of the oil shocks of the 1970s. But he is bracing for something far worse now: He foresees a “super spike” — a price surge that will soon drive crude oil to $200 a barrel.”

According to CNN Money (11/20/2008): “crude futures fell $4 to settle at $49.62 a barrel, the lowest settle price since May 23, 2005″.

LayoffBlog.com comment: “Clean up your locker and hit the road, Mr. Murti”.