Chevron Will Restructure Refining, Cut Jobs
January 22, 2010
by Brett Clanton and Monica Hatcher (Houston Chronicle) Chevron Corp. plans to restructure its global refining business under a sweeping plan that will result in an unspecified number of job losses and that could see the U.S. oil giant exit some markets around the world.
… Chevron, like other integrated oil companies, has been hit hard by a downturn in oil refining, brought on by a recessionary decline in demand for transportation fuels like gasoline and diesel, an increase in usage of biofuels like ethanol and a building boom in recent years that has resulted in a glut of refining capacity worldwide. READ MORE
