×

UPDATE 1-Hess cutting hundreds of workers as it battles activist investor

(Adds company confirmation, part of plan to cut more than $150 mln per year)

HOUSTON, Jan 16 (Reuters) - Hess Corp is cutting roughly 13 percent of its workforce and streamlining operations as it battles Elliott Management Corp, an activist hedge fund shareholder pushing for the U.S. oil and gas producer to post its first quarterly profit since 2014.

Most of the cuts, which could start as early as Tuesday and continue through the week, are in Houston, home to a majority of the company's employees.

Lorrie Hecker, a Hess spokeswoman, confirmed the cuts, saying about 300 workers, or about 13 percent of the company's workforce, would be dismissed.

Executives from the New York-based company's headquarters were flying to Houston on Tuesday to meet with employees. The job cuts are part of a plan to reduce expenses by more than $150 million a year, the company said. (Reporting by Ernest Scheyder; Editing by Phil Berlowitz)