2025-09-03 20:27
Between 2,600 and 3,250 employees to be affected Company shares down 4.5% to $94.55 Falling oil prices put pressure on energy companies HOUSTON, Sept 3 (Reuters) - U.S. oil and gas producer ConocoPhillips (COP.N) , opens new tab will cut 20-25% of its workforce as part of a broad restructuring, a company spokesperson said on Wednesday, after five sources told Reuters that CEO Ryan Lance detailed the plans in a morning video message. Shares of the third-largest U.S. oil producer declined 4.5% to $94.55, outpacing a 2.6% drop in the broader S&P 500 Energy Index (.SPNY) , opens new tab. Sign up here. A fall in oil prices has put ConocoPhillips and its rivals under pressure this year, forcing them to cut staff, curb capital spending, and reduce drilling. U.S. oil major Chevron (CVX.N) , opens new tab announced it would lay off up to 20% of its staff in February, and other energy companies, including SLB (SLB.N) , opens new tab and BP (BP.L) , opens new tab, are also cutting workforces. "I know these changes create uncertainty, and they are unsettling," Lance said in the video heard by Reuters. Costs have risen by about $2 per barrel, making it harder for the company to compete, Lance said. He said controllable costs had risen to $13 per barrel in 2024 from $11 in 2021. "As we streamline our organization and take work out of the system, we will need fewer roles," Lance said. MOST JOB CUTS COMING BY YEAR-END Last month, ConocoPhillips identified more than $1 billion of ways to cut costs and improve margins, on top of the more than $1 billion in cost savings from its acquisition of Marathon Oil last year. The company has about 13,000 employees globally, meaning between 2,600 and 3,250 employees will be affected. Most of the cuts will be made before the end of the year, ConocoPhillips spokesperson Dennis Nuss said in an email. The new structure and management will be made public in mid-September, and the reorganization will be completed by 2026, two of the sources said. The company is set to hold a town hall meeting on Thursday at 9 a.m. Central Time (1400 GMT), the sources said. In April, two sources told Reuters that Houston-based ConocoPhillips had hired management consulting firm Boston Consulting Group to advise on the restructuring and layoff program, referred to internally as "Competitive Edge." ConocoPhillips' net income shrank in the second quarter to about $2 billion, the lowest since the quarter ended March 2021, when COVID-19 ravaged demand. Benchmark U.S. crude futures prices have decreased by about 11% this year as OPEC and its allies increase output and battle with U.S. oil producers for market share. As of Wednesday afternoon, the company's shares have fallen 4.7% this year, compared with a 5% rise in the S&P 500 Energy Index. "Companies are figuring out how to do more with less," said Dan Pickering, chief investment officer at Pickering Energy Partners. https://www.reuters.com/business/world-at-work/conocophillips-says-it-will-cut-workforce-by-20-25-shares-fall-2025-09-03/
2025-09-03 20:04
Brady Stewart leaves Tyson Foods after conduct violation Devin Cole appointed COO, overseeing multiple business segments Tyson's beef business struggles with low cattle supplies CHICAGO, Sept 3 (Reuters) - Tyson Foods' (TSN.N) , opens new tab chief supply chain officer, who has also overseen its beef, pork and prepared foods businesses, left the U.S. meatpacker after violating the company's code of conduct, according to a statement. The departure of Brady Stewart is the latest management change at Tyson Foods, which replaced former Chief Financial Officer John R. Tyson last year following arrests related to drinking. Sign up here. Stewart could not immediately be reached for comment on Wednesday. "It's concerning to see yet another senior leader at Tyson Foods involved in a code of conduct violation," said Arun Sundaram, equity analyst at CFRA Research. Tyson Foods named Devin Cole as chief operating officer and said he will oversee its beef, pork, prepared foods, poultry and international business segments. Cole previously led the poultry and international segments. Tyson's beef business has been losing money as low U.S. cattle supplies have forced meatpackers to pay more to buy livestock to slaughter. Stewart joined Tyson in January 2023 after previously working for rival Smithfield Foods (SFD.O) , opens new tab, where he was chief operating officer. "The company determined certain actions taken by Brady violated the Tyson Foods Code of Conduct," Tyson said in a statement on Tuesday. The company did not respond to a request for more information. With Stewart's departure, functions including supply chain, food safety and transportation will report directly to CEO Donnie King, according to the statement. The company said it will provide further leadership and organizational updates before its 2026 fiscal year begins on September 28. On Thursday, Cole and CFO Curt Calaway are slated to speak at an investor conference. Tyson Foods suspended former CFO John R. Tyson last year after police in Arkansas arrested and charged him with driving while intoxicated and careless driving. In August 2024, the company named Calaway as CFO. Top management's conduct has come under intense scrutiny in the corporate world. Food company Nestle (NESN.S) , opens new tab said on Monday it dismissed CEO Laurent Freixe for failing to disclose a romantic relationship with a subordinate. https://www.reuters.com/world/us/tyson-foods-says-supply-chain-chief-leaves-after-violating-conduct-rules-2025-09-03/
2025-09-03 20:04
US job openings fall more than expected Dollar extends losses against Swiss franc and yen Euro adds to gains, British pound rises Gold hits all-time high amid bond selloff NEW YORK, Sept 3 (Reuters) - The U.S. dollar fell against the yen and Swiss franc on Wednesday after economic data showed weakening labor market conditions, supporting investor expectations of U.S. monetary policy easing by the Federal Reserve. The U.S. Labor Department said on Wednesday that job openings, a measure of labor market demand, fell more than expected to 7.181 million in July. Economists polled by Reuters had expected 7.378 million job openings in the JOLTS data. Sign up here. With the Fed focused on the jobs market, the U.S. dollar will continue weakening materially if data continues to show deterioration in labor market conditions, said Eugene Epstein, head of structuring for North America at Moneycorp in New Jersey. "Between (Fed Chair Jerome) Powell's dovishness at Jackson Hole regarding the job market and the previous non-farm payrolls being weak and today's JOLTS being weak, and if Friday's jobs number is weak, it's a big dovish dynamic going on. It's very hard to see any options at all, especially given what's going on politically with the Fed right now with the current U.S. administration," Epstein said. The dollar erased earlier gains against the Japanese yen and Swiss franc following the data. It weakened 0.2% to 148.09 yen and dropped 0.06% to 0.8042 Swiss franc . The euro added to its gains against the dollar. It was last up 0.14% at $1.165850. "The jobs openings data showed a further contraction in the number of openings and provided conviction to the labor market part of the equation for the Federal Reserve," said Amo Sahota, director at Klarity FX in San Francisco. "We didn't see a huge move in the currency market but I do think what's notable is that the overnight swap market is now pricing in a U.S. rate cut at 95% for September." U.S. Treasury yields fell after the jobs data. The 2-year note yield, which typically moves in step with interest rate expectations for the Fed, fell 4.3 basis points to 3.615%. The benchmark U.S. 10-year note yield fell 6 basis points to 4.217%. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.24% to 98.165. The British pound gained against the dollar following a selloff in UK government bonds. In the gilt market, Britain's 30-year borrowing costs rose to their highest levels since 1998. Sterling strengthened 0.38% to $1.3442. The euro fell 0.15% against the pound to 0.8675. The 30-year Japanese government bond yield hit record highs on Wednesday, further pressuring the yen. The Japanese ruling party's Secretary-General Hiroshi Moriyama, a close aide to Prime Minister Shigeru Ishiba, announced he intended to resign. Spot gold hit an all-time high of $3,578.50 amid the selloff in government bonds. In cryptocurrencies, bitcoin gained 0.47% to $111,946.62. https://www.reuters.com/world/africa/dollar-falls-versus-yen-swiss-franc-following-us-jobs-data-2025-09-03/
2025-09-03 20:02
Pressure high on nuclear regulators after Trump orders Trump wants to quadruple nuclear power capacity by 2050 Commissioner: hard to make safety calls if more staff leave WASHINGTON, Sept 3 (Reuters) - Two of the three remaining commissioners at the Nuclear Regulatory Commission, the U.S. nuclear safety watchdog, told a Senate hearing on Wednesday they feel President Donald Trump could fire them if they obstruct his goal to approve reactors faster. Trump signed executive orders in May that set goals of fast-tracking new reactor licenses and quadrupling U.S. nuclear energy capacity by 2050 to boost the power grid, while also reducing staffing at the NRC. Sign up here. Trump later fired Commissioner Chris Hanson, a Democrat, while Commissioner Annie Caputo, a Republican, left in July, saying she wanted to more fully focus on her family. That brought the traditionally five-member panel down to three. Commissioner Matthew Marzano, a Democrat, told the hearing he felt he could be fired by the administration if he decides a new reactor design is unsafe and declines to license it. Commissioner Bradley Crowell, also a Democrat, said he felt on "any given day I could be fired by the administration for reasons unknown." The White House did not immediately respond to a request for comment. NRC Chairman David Wright, a Republican, said the agency has five applications from so-called advanced nuclear reactors that it is reviewing and it expects another 25 to 30 soon. Wright declined to say whether he felt he could be fired, saying it would be "speculation." But he said NRC should not approve incomplete applications from companies looking to build new nuclear plants, even if it means missing an 18-month approval deadline set in Trump's executive orders. Senator Sheldon Whitehouse, a Democrat who supports nuclear energy for its potential to reduce greenhouse gas emissions, said about a dozen senior level managers at the NRC have left or announced they will leave since January, and that 143 staff departed between January and June. "It’s a personnel bloodbath," Whitehouse said. "The industry stands or falls on the NRC’s gold-standard reputation for nuclear safety. It’s now in jeopardy." Crowell said if the agency lost any more staff, it would be tough to credibly make safety cases on the timeline in Trump's orders. https://www.reuters.com/world/us/us-nuclear-safety-regulators-say-their-jobs-could-be-risk-under-trump-2025-09-03/
2025-09-03 19:59
Sept 3 (Reuters) - Venezuela's oil exports surpassed 900,000 barrels per day in August, the highest level since November, after energy producer Chevron (CVX.N) , opens new tab received a license that has allowed the OPEC country's crude to return to the U.S. market after a four-month pause, shipping data showed. The U.S. Treasury Department last month issued a restricted authorization for Chevron, one of the main partners of Venezuelan state company PDVSA, to operate in the sanctioned South American country and export its oil. Sign up here. The resumption of Chevron flows to the U.S., coupled with larger cargoes to Venezuela's primary destination of China, led to a 27% increase in exports last month to an average of 966,485 bpd, according to data based on tanker movements. Stable output and no outages at crude upgraders and blending facilities in the Orinoco Belt - Venezuela's main producing region - also contributed to higher oil inventories and exports, according to an internal PDVSA document. Exports to China, both direct and indirect after ship-to-ship transfers, represented 85% of last month's total flows out of the country, a reduction from almost 95% in July. Some 60,000 bpd of Venezuelan oil reached the U.S., while Cuba received about 29,000 bpd of crude and fuel. Several cargoes of Venezuelan methanol went to Europe. Venezuela exported some 275,000 metric tons of oil byproducts and petrochemicals in August, an increase from the 227,000 tons shipped during the previous month and the highest amount since May. The country ramped up imports of much needed light oil and naphtha to dilute its extra heavy oil output and produce exportable crude grades, reaching 99,000 bpd versus 58,000 bpd in July, the data showed. https://www.reuters.com/business/energy/venezuelas-oil-exports-rise-9-month-high-cargoes-return-us-2025-09-03/
2025-09-03 19:21
Trump frustrated by lack of progress in Ukraine talks European leaders to discuss Ukraine security support Trump to speak with Zelenskiy on Thursday France hosts virtual meeting with 30 countries on Ukraine WASHINGTON, Sept 3 (Reuters) - U.S. President Donald Trump said on Wednesday he plans to hold talks about the war in Ukraine in coming days after his Alaska summit with Russian President Vladimir Putin in August failed to achieve a breakthrough. Trump has been frustrated at his inability to get a halt to the fighting, which began with Russia's invasion of Ukraine in February 2022, after he initially predicted he would be able to end the war swiftly when he took office last January. Sign up here. Trump said he would be holding talks in the next few days. A White House official said Trump is expected to speak on the phone on Thursday with Ukraine President Volodymyr Zelenskiy. The French presidency said earlier on Wednesday that several European leaders, including Zelenskiy and France's Emmanuel Macron, would call Trump on Thursday afternoon. That call was expected to follow a mostly virtual meeting on Thursday, hosted by France, of some 30 countries to discuss their latest efforts to provide Ukraine with security support once there is a peace agreement with Russia. The European leaders were also expected to denounce Moscow's unwillingness for negotiations. Putin has shown little interest in ending the war after he and Trump voiced optimism about making progress during their meeting in Anchorage on Aug. 15. "I have no message to President Putin," Trump told reporters at the White House as he met Polish President Karol Nawrocki. "He knows where I stand and he'll make a decision one way or another. Whatever his decision is, we'll either be happy about it or unhappy about it and if we're unhappy about it, you'll see things happen," he said. Trump did not explain what he meant, but he has talked about the possibility of imposing more sanctions on Russia. Trump also said the war would be resolved "one way or the other" but that he had not realized it would be so difficult to end. "I thought that that would be much easier," Trump said. "I thought that would be in the middle of the pack, maybe one of the easiest. Sometimes you never know with war," he said. https://www.reuters.com/world/europe/trump-says-he-plans-hold-talks-ukraine-coming-days-2025-09-03/
