Marathon swings the jobs axe

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 04 September 2003 16:56 GMT

Marathon Oil today unveiled a sweeping re-organisation plan that will eliminate around 265 jobs, helping produce annual pre-tax cost savings in excess of $65 million for the oil company.

Approximately 45% of the savings will result from what Marathon called business process improvements and organisational efficiencies, with the remainder coming from the job losses.

The affected divisions are primarily the company's Houston headquarters and US production business units. The plan is already being implemented and the company anticipates that most of the changes will be completed by the year-end.

Marathon said the moves will result in a pre-tax charge of approximately $40 million with 40% expected to be recorded in the third quarter of 2003 and the remainder primarily in early 2004.

"The…

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