Chevron Cuts Jobs In Restructuring

Chevron Corp. (NYSE: CVX) announced that it will cut an undisclosed number of refining jobs in an effort to make its fuel making business “leaner.”

Spokesman Lloyd Avram said that the restructuring of the second biggest oil company in the United States would be complete by the 3rd quarter.

Avram went on to say that further details of the restructuring will be announced in March. “The organization is going to be leaner and less complex,” he said. “It will require fewer positions.”

As the cost of crude oil rose faster than fuel prices, Chevron’s refineries suffered losses of over $600,000 per day for the last three months of 2009.

“This is really consistent with what’s been going on in the rest of the industry,” said Jason Gammel, an analyst at Macquarie Securities USA Inc. “Everyone is looking at taking capacity out of the system to cope with extremely poor margins.”