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Stock impact report

U.S. pipeline operator Energy Transfer warns of coming job cuts [Reuters]

Energy Transfer LP Common Units (ET) 
Last energy transfer lp common units earnings: 2/19 04:10 pm Check Earnings Report
US:NYSE Investor Relations: about.etrade.com/index.cfm
Company Research Source: Reuters
U.S. pipeline operator Energy Transfer warns of coming job cuts May 29 (Reuters) - U.S. pipeline operator Energy Transfer LP will begin cutting about 6% of its workforce next week, underscoring the spreading impact of weak oil and gas prices on the energy business. Marshall McCrea, chief commercial officer for the Dallas-based company, said in a recorded message to employees the cuts would begin Monday and affect about 6% of the company’s staff, according to two people familiar with the recording. U.S. oil and gas producers have curtailed or shut in wells in response to crude prices down 45% since the start of the year, reducing deliveries to pipeline operators. Oil production could decline as much as 2 million barrels per day by December, from nearly 13 million barrels per day in January. Fuel prices have collapsed to below many firms’ cost of production due to COVID-19-related travel lockdowns and a global glut. U.S. energy companies on average have slashed their 2020 spending on ne Show less Read more
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