Occidental Petroleum Corp. said it intends to cut 400 jobs, or 18 percent of its work force, at its MidCon Corp. subsidiary to save about $50 million a year.
The cutbacks at the gas pipeline company based in Lombard will result in a charge against earnings for the fourth quarter, Occidental said. The size of the charge will be disclosed when the company reports its earnings this week.
Occidental also announced it has completed previously announced cuts in its worldwide oil and gas operations. It said it eliminated 650 of the 6,000 jobs in the division for an anticipated savings of $100 million a year.
Occidental, the nation’s 13th-largest oil company, said in October it would close some offices and cut hundreds of jobs in response to five years of declining petroleum prices.
The cutbacks are the latest in a series of cost-reduction efforts by the Los Angeles-based company.
Overall, it cut its global work force to about 19,660 jobs at the end of 1994 from 55,400 in 1991.
