Chevron Corp will lay off about 25% of Noble Energy’s employees who joined the oil major after its $4.1 billion purchase of the smaller rival earlier this month, the company said on Tuesday.
The job cuts, which are on top of Chevron’s plan to cut 10%-15% of its workforce, come after the company promised to lower its operating expenses by $1 billion this year in the face of sharply lower energy demand.
Most of the cuts will take place this year, Chevron said. Noble had about 2,300 employees at the end of last year.
Chevron’s purchase of Noble boosted its investments in U.S. shale patches of Colorado and the Permian basin and gave the company a foothold in Israel through Noble’s flagship Leviathan project, the largest natural gas field in the eastern Mediterranean.
