Mining giant Freeport-McMoRan is cutting 25% of its oil and gas workforce
The mining giant announced this on Tuesday along with earnings results that showed it had a quarterly loss for a sixth straight quarter.
"The newly structured oil and gas management team is actively engaged in managing costs and developing plans to preserve and enhance asset values," said a company statement.
Freeport-McMoRan "expects to record a charge of approximately $40 million in second-quarter 2016 associated with workforce reductions and other restructuring costs."
It tried to look for alternatives to its oil and gas business, but further price drops in the first quarter interfered with the process. And so in the interim, it's laying off workers in the oil and gas business.
Meanwhile, the company continues to look for more buyers of its assets to cut as much as $20 billion in debt. CEO Richard Adkerson said the company's asset divestments have totaled $1.4 billion year-to-date.
Freeport-McMoRan reported a net loss of $4.2 billion for the first quarter, or $3.35 per share, widening from a loss of $2.474 billion in the same quarter a year ago.
Its shares were little changed in pre-market trading. They've jumped 67% this year.