Oct 30

The Shale Massacre: Chevron Fires Another 7,000 After Laying Off 1,500 Three Months Ago:

Even though Chevron said in July that its cost-cutting initiatives would be “completed by mid-November of 2015” it decided to surprise everyone moments ago when on its earnings call it announced it would not only slash its capex by another 25%, but will shortly distribute another 7,000 pink slips. The reason: another terrible quarter in which the $2 billion in earnings were a 73% plunge from a year earlier.

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