Chevron to cut 2,000 jobs amid slump in refining

Chevron Corp. said it plans to cut 2,000 jobs this year as part of an effort to realize savings in its refining operations, as the oil major signals that recent woes in the business of making gasoline and diesel fuel will persist well beyond 2010. Chevron said first-quarter charges for severance are estimated to be in the range of US$150 million to US$200 million on an after-tax basis, with more charges to follow since staff reductions will occur through 2011. The job cuts would amount to about 3% of the company’s worldwide staff of 64,000, according to its 2009 annual report. The figure includes 4,000 service station employees and 31,500 workers in its U.S. operations. (March 10, 2010)