According to an obtained company memo, the Shell Oil Company is dropping its sponsorship of the PGA Tour's Houston Open.
First reported by the Houston Business Journal, Shell president Bruce Culpepper told employees the decision was due to a downturn in business. In January, the company announced the cut of 10,000 jobs, and will leave it's namesake building in downtown Houston by the end of the year.
"As you might imagine, this was a very difficult decision, driven in large part by the need to adjust our cost structure in response to the challenging business environment in which we operate, but also by a refresh of our branded sponsorship strategy globally," Culpepper said to the HBJ.
Shell had been the third-longest title sponsor on the PGA Tour, serving as host since 1992.