Noble Energy joins many other Eagle Ford producers who are cutting jobs in order to streamline operations.
Related: 100 New Jobs for Texas Oil & Gas
Noble executives commented to the Houston Chronicle that the company will initiate a fourth round of layoffs by the end of the year. The cuts will be in the exploration sector in order for the company to refocus efforts on production.
Since the bottom began to fall out of the oil and gas industry 19 months ago, more than 102,000 jobs have been cut from every sector. The Texas Workforce Commission has recorded approximately 5585 Texas layoffs in the oil and gas industry since January. The job loss rate slowed in June and in July, 100 jobs were added. Karr Ingham for the Texas Alliance of Energy Producers says that that the job loss rate in the industry slowed in June. Karr estimated about 900 jobs cut by oil and gas companies, compared to the thousands lost in January and February.
Noble entered the Eagle Ford in July 2015 with the purchase of Rosetta Resources for $2.1 billion, which had 50,000 acres in the South Texas’s Eagle Ford basin and 56,000 acres in the West Texas’s Permian basin.