Total CEO says company will not cut jobs, will need workers “when the price goes up”

Allison Tonkin | | Uncategorized. Bookmark the permalink.

The CEO of French oil and gas giant Total said in a radio interview on Tuesday that the company would not cut jobs as its peers have done, despite an expected hit to its 2015 results, according to Reuters.

Speaking to Europe 1, Patrick Pouyanne said Total’s results from last year may fall 20 percent. The company’s full-year presentation is scheduled for Feb. 11.

Pouyanne said that all of the company’s job cuts have come from allowing workers to retire without recruiting new employees to fill their positions. He told Europe 1 that over the course of the last year as oil prices fell, Total scaled back its hiring, brining in just 700 new employees, versus the 1,200 that had been planned.

Pouyanne told Europe 1 that Total would not treat employment as an “adjustment variable” during the downturn in oil prices, and that the company will need its workers “when the price goes up.”

Total announced in September that the company would reduce 2016 spending, down to between $20 billion and $21 billion from the $24 billion spent in 2015. Last February, the company’s chief financial officer said Total would seek $4 billion in cost cuts to weather the crash in oil prices. That would mean 2,000 job cuts, through attrition and layoffs, by 2017.

Pouyanne’s interview comes after BP announced last week that the British oil major would cut an additional 4,000 jobs in 2016, or about 5 percent of its global workforce.

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