|Bid||0.00 x 21500|
|Ask||0.00 x 34100|
|Day's range||8.13 - 8.51|
|52-week range||2.73 - 340.00|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Earnings date||05 Nov 2020 - 09 Nov 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||12.43|
A collapse in crude oil prices has forced most oil and gas producers to drastically cut costs by laying off thousands of employees and cutting down on drilling. The job cuts, which are on top of Chevron's plan to reduce 10%-15% of its own workforce, come after the company promised to lower its operating expenses by $1 billion this year to cope with the downturn. Chevron's 10%-15% cuts would imply a reduction of between 4,500 and 6,750 jobs, while job cuts at Noble will reduce the total workforce by roughly another 570 positions.
The takeover deal will expand Chevron's (CVX) international presence. It can now access Noble Energy's low-cost, proven reserves along with its cash-generating offshore assets in Israel.