Chevron to Sell Refinery, Cut 2,000 Jobs Through 2011

Chevron Corp., the second-largest U.S. energy company, plans to sell its only remaining European refinery, cut 2,000 jobs and shed assets in the Caribbean and Central America to stanch losses from its fuel-making business.

Chevron also plans to slash capital spending on refineries by 23 percent this year and may reduce operations at a plant in Hawaii, Mike Wirth, executive vice president of the company’s global refining and marketing business, said in a presentation to analysts today in New York.

Chevron’s refining unit lost $613 million during the fourth quarter of 2009 as fuel demand sank, hindering Chief Executive Officer John Watson’s goal of generating returns of at least 10 percent from each plant.

Read Full Article from BusinessWeek

- Posted: 2010-03-09 11:33:08

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