China Financial Daily

Chevron layoffs: Oil giant Chevron to be laid off 1,500 people, next year to further layoffs 3800
According to The Wall Street Journal reported that U.S. oil giant Chevron said Thursday as the global downstream business as part of a comprehensive restructuring effort, the company will lay off nearly 1,500 in the United States people.

Chevron spokesman Sean Comey said the company has been issued to notify the competent staff and the community will be in the company headquarters in San Ramon, California, area cut 620 jobs, 305 layoffs in the Concord area, and lay off 570 in Houston people.

The job cuts are the next three years, the company laid off 5,700 worldwide downstream operations were part of the plan. Comey said that last year, Chevron has been laid off 1,900 people, plans further job cuts before the end of next year 3800 people.

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.