January 16, 2018 / 4:49 PM / a month ago

Hess to cut hundreds of workers as it battles activist investor-sources

HOUSTON, Jan 16 (Reuters) - U.S. oil and gas producer Hess Corp is cutting hundreds of employees and streamlining operations as it battles an activist shareholder agitating for higher margins, according to two sources familiar with the matter.

Most of the cuts, which could start as early as Tuesday and continue throughout the week, are centered in offices in Houston, which holds the company’s highest concentration of workers.

Lorrie Hecker, a Hess spokeswoman, confirmed the cuts, saying about 300 workers, or about 13 percent of the company’s workforce, would be let go. (Reporting by Ernest Scheyder)

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