Chevron to Cut 2,000 Jobs, Sell Some Assets

The Associated Press reports that Chevron Corp. will cut 2,000 jobs this year and sell some overseas operations as it revamps its struggling refinery, marketing and transportation operations. The job cuts represent almost 12 percent of its 17,000 workers in the so-called downstream part of its business and just over 3 percent of its overall work force. Executives of the second-largest U.S. oil producer are still deciding where and when they will eliminate the jobs as they try to complete the restructuring by the third quarter, company spokesman Lloyd Avram said. Additional cuts are expected next year. Chevron said it will also seek bids for the Pembroke refinery in southwest Wales, and fuels marketing, aviation and lubricants businesses in the Caribbean and some markets in Central America.