Chevron layoffs: Chevron brewing a new round of layoffs, which will exceed the 2000 people
News on March 10, 2010: In view of the fuel demand is still weak, Chevron Corporation (Chevron Co., CVX) plans to lay off more than oil refining and marketing sector by 20%.
Chevron has about 2,000 job cuts in 2009, who plans to further job cuts this year, 2,000 people. The current round of layoffs is expected to continue into 2011. In 2008, Chevron’s refining and marketing sector employees, who number 19,000.
In January of this year, Chevron has said it plans to lay off, but until this week, announced only two specific number of job cuts. The company Tuesday in New York held its annual meeting with analysts.
By market value, Chevron is the second-largest U.S. oil company, behind Exxon Mobil (Exxon Mobil Co., XOM).
The size of the current round of layoffs reflect Chevron’s downstream business, the prospects bleak. Downstream business refers to the procurement of crude oil and refining operations, including crude oil refining into gasoline, diesel and other refined products.
Chevron’s global downstream business, said Mike Wirth, executive vice president, the next few years, companies or will face tough market conditions, the company intends to further streamline the downstream business in North America and Asia Pacific.
Chevron announced more details of the plan relating to asset-stripping. The company plans to sell some assets in Europe, including the Pembroke refinery in Wales; In addition, the company also plans to sell in the Caribbean countries and some Central American countries of lubricants and marketing. The company also said it would assess the Hawaiian and Africa (outside South Africa) and downstream business.
Chevron’s cost-cutting measures are expected to help boost the company’s profits this year, by 2012 the company is expected to return to double-digit profit margins. 2009 fourth-quarter loss of Chevron’s downstream business 613 million U.S. dollars; year-earlier profit of 2.1 billion.
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