Energy Giants Chevron, Saipem To Cut Over 10,000 Workers

U.S. energy giant Chevron and Italian oil contractor Saipem SpA announced Tuesday that they would lay off over 10,000 employees in an effort to offset declining crude prices.

Mirroring the announcement, Saipem’s shares dropped nearly 9.9% to 7.34 euros each, while Chevron shares were little changed in after-hours trading.

Chevron to trim 1,500 employees

As detailed by ValueWalk last May, Chevron Corporation unveiled earnings results from its first fiscal quarter, posting earnings of $1.37 per share on $32 billion in revenue, against 79 cents per share on $26.5 billion in revenue anticipated by analysts. However, in the same quarter last year, the oil giant reported earnings of $2.36...