TechnipFMC cuts 4,000 jobs, reports profit in post-merger period
http://m.chron.com/business/energy/article/TechnipFMC-reports-profit-major-accounting-error-11471482.php#photo-6698680
Recently merged offshore services giant TechnipFMC said it cut 4,000 jobs worldwide as it it further integrated the operations of its predecessor companies, the French company Technip and FMC of Houston.
TechnipFMC, which has its operational headquarters in Houston, reported a $165 million quarterly profit, but the gain comes after a major accounting error swung its first-quarter earnings from a gain to a loss. The company said it trimmed its global workforce by nearly 10 percent to 40,000 during the three months between April and June.
TechnipFMC's first-quarter error involved foreign currency exchange mistakes that turned what was considered a $191 million profit into a $19 million loss - a major swing of $210 million.
TechnipFMC CEO Doug Pferdehirt called it a weakness in internal controls over financial reporting after the merger, which he assured has since been corrected. The company said it trimmed its global workforce by nearly 10 percent to 40,000 during the three months between April and June.
ConocoPhillips loses $3.4 billion; plans to cut spending,
http://m.chron.com/business/energy/article/ConocoPhillips-loses-3-4-billion-plans-to-cut-11477845.php
ConocoPhillips lost $3.4 billion in the second quarter writing off assets and it plans to scale back spending amid lower oil prices.
The Houston oil company said Thursday it would cut $200 million from its $5 billion spending budget, joining major shale producers Anadarko Petroleum and Whiting Petroleum in reducing investment levels this year after crude prices sank below $50 a barrel.
Houston restaurant overrun by c---roaches.