Anadarko Petroleum Corp., the oil and natural-gas producer that made $22.5 billion in acquisitions last year, said Monday it expects to lay off “at least” 500 people as it sells assets and refocuses operations.
The job cuts would occur by May 30, according to a letter from Preston Johnson, vice president of Human Resources, filed with the Texas Workforce Commission.
Anadarko plans to sell several oil and gas properties, Johnson wrote in the letter. “The resulting reduction in work-force needs will likely cause the permanent elimination” of workers both in Houston and at the company’s headquarters in The Woodlands, outside of Houston.
Anadarko more than doubled revenue with its purchases of Oklahoma City-based Kerr-McGee Corp. and Denver-based Western Gas Resources Inc. in August, pushing it past Devon Energy Corp. and Apache Corp. to become the nation’s largest oil producer that doesn’t also have a refining or chemicals business.
Since then, the company has been selling properties to cut debt related to the acquisitions and to refocus its operations. CEO James Hackett has said he plans to sell as much as $15 billion in assets.