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Chevron to slash 2,500 workers 600 Bay Area jobs to be lost in retooling forced by bad year
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Chevron to slash 2,500 workers 600 Bay Area jobs to be lost in retooling forced by bad year
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Newspaper Article
Chevron to slash 2,500 workers 600 Bay Area jobs to be lost in retooling forced by bad year
1999
Overview
Now, the company says it will cut nearly 600 jobs in the Bay Area alone, according to Mike Libbey, Chevron spokesman. Libbey said Chevron's original estimate of 1,000 job cuts was revised mainly because of a worldwide drop in oil prices. He also said the company had cut 21,000 jobs since 1991, averaging about 3,000 per year. At the end of 1998, Chevron employed 33,676 people worldwide. Libbey said Tuesday's announced job cuts would be the last of the year. The latest job cuts reflect the pressure on Chevron to reduce costs after the failed talks with Texaco, analysts said. Acquisitions such as Exxon Corp.'s $85 billion buyout of Mobil Corp. could leave Chevron facing bigger rivals with lower costs to find and process oil.
Publisher
Clinton Reilly Communications, Inc
Subject
