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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: yard_man who wrote (12604)12/7/1998 5:37:00 PM
From: MythMan  Read Replies (1) of 86076
 
<Picture>Amereda Hess Corp. (AHC) announced it will lay off 20 percent of its work force and take a $150 million after-tax charge in the fourth quarter, citing the sharp decline in oil prices during the past year. The newly-announced charge is in addition to one announced at the end of October, bringing to $300 million the total charges for the year. The company also said it will curtail oil exploration by 40 percent in 1999, to $250 million from a planned $400 million, and cut back sharply on capital expenditures.
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