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Hess Shrinks Workforce as Activist Investor Keeps the Pressure On

The U.S. oil driller plans to cut about 300 jobs this year

Hess Corp. has become the incredible shrinking oil producer as hedge fund Elliott Management Corp. pressures it to streamline operations. The company, which first came under fire from Elliott about four years ago, plans to shed about 300 jobs this year to cut annual costs by $150 million starting in 2019. Hess trimmed its workforce by 75 percent between 2013 and 2014 as the company exited the downstream business, and it’s cut almost 1,000 jobs since.

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