Once again we find a major company, the Hess Corporation, a global energy company, embarking on a cost-cutting restructuring program that will result in at least 300, some say 700 or more, employee layoffs. According to Hess spokesperson Lorrie Hecker, “the company is also aiming to make reductions in its contractor base. We moved aggressively in 2017 to focus and up-grade our company’s portfolio. The combination of this cost reduction program and our upgraded-graded portfolio is expected to drive down cash unit production costs by approximately 30 percent" by 2020.”
Funny, not one mention of the activists sparring with Hess in the boardroom -- like Elliot Management Corporation, which is demanding that billionaire, second-generation CEO John Hess step aside, sell certain assets to fund stock buy-backs to ramp up the price. No mention of whether or not Elliot Management Corporation will dump the stock to feather the nests of their own investors.