OGJ NEWSLETTER

Fallout from lagging oil and gas prices and recession in North America continues apace. Phillips will begin next month laying off about 1,100 workers, including 950 employees and full time contract personnel at its Bartlesville, Okla., headquarters. The remaining layoffs will hit Houston and field offices. The cuts are part of a comprehensive restructuring, to be complete by the end of June, that will save Phillips about $150 million. Maxus plans to cut 1992 North America E&D by more than 50%

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