NEW YORK – Exxon Mobil is slashing 1,900 jobs from its U.S. workforce, and Chevron plans to cut a quarter of the employees at its recently-acquired Noble Energy as the pandemic saps demand for fuel. Exxon said Thursday the reductions will be both voluntary and involuntary and will largely come from its management offices in Houston. The Irving, Texas oil giant had about 75,000 employees worldwide at the end of 2019. The oil industry was already struggling before the pandemic struck, with a weakened global economy decreasing demand for energy and producers flooding the market with cheap fuel. Chevron confirmed Thursday it would slash jobs at Noble Energy, which it recently acquired, by 25%.

SAN RAMON, California Chevron announced Monday morning that the company plans to acquire Noble Energy for $5 billion, making it the biggest energy deal since the beginning of the coronavirus pandemic. In a statement Monday, the total enterprise value and transaction was $13 billion, which included pending debts from Noble Energy. The acquisition is subject to approval from Noble Energy shareholders. Noble Energys multi-asset, high-quality portfolio will enhance geographic diversity, increase capital flexibility, and improve our ability to generate strong cash flow.According to CNN Business, Noble Energys debt and proven undeveloped reserves became an attractive and cheap buy for Chevron. Noble Energy will own 3% of the combined company, according to Chevron in a statement.

NEW YORK Chevron will take over Noble Energy for $5 billion in the first big deal announced since the coronavirus pandemic shook the energy sector. Chevron, based in San Ramon, California, has been shopping for assets since last year and with crude prices down more than 30% this year, it jumped Monday with it's all-stock offering. Based on Chevrons closing price on Friday, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. The total enterprise value of the deal, including debt, is $13 billion. Noble is based in Houston, Texas.