Additional cuts are expected next year. The job cuts represent almost 12 percent of Chevron's 17,000 workers in the so called downstream part of its business and just over 3 percent of its overall work force. Chevron, the second largest U. S oil producer, also said it plans to sell some overseas operations as it revamps its struggling refinery, marketing and transportation operations. The company said it will seek bids for its Pembroke refinery in southwest Wales, and fuels marketing, aviation and lubricants businesses in the Caribbean and some markets in Central America. Argus Research analyst Phil Weiss said he believes Chevron is making the right move, but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector. 
Share:  Additional cuts are expected next year. The job cuts represent almost 12 percent of <span class="company">Chevron</span>'s 17,000 workers in the so called downstream part of its business and just over 3 percent of its overall work force. <span class="company">Chevron</span>, the second largest U. S oil producer, also said it plans to sell some overseas operations as it revamps its struggling refinery, marketing and transportation operations. The company said it will seek bids for its Pembroke refinery in southwest Wales, and fuels marketing, aviation and lubricants businesses in the Caribbean and some markets in Central America.<span class="sent"> Argus Research analyst <span class="analyst">Phil Weiss</span> said he believes <span class="company">Chevron</span> is making the right move, but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector.</span>...The job cuts represent almost 12 percent of <span class="company">Chevron</span>'s 17,000 workers in the so called downstream part of its business and just over 3 percent of its overall work force. <span class="company">Chevron</span>, the second largest U. S oil producer, also said it plans to sell some overseas operations as it revamps its struggling refinery, marketing and transportation operations. The company said it will seek bids for its Pembroke refinery in southwest Wales, and fuels marketing, aviation and lubricants businesses in the Caribbe Tweet this 

In addition, new refineries are being built. "Downstream conditions are likely to be difficult for the next several years," Mike Wirth, executive vice president of Chevron's global downstream business, said in a statement. Argus Research analyst Phil Weiss said he believes Chevron is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector. 
Share:  In addition, new refineries are being built. "Downstream conditions are likely to be difficult for the next several years," Mike Wirth, executive vice president of <span class="company">Chevron</span>'s global downstream business, said in a statement.<span class="sent"> Argus Research analyst <span class="analyst">Phil Weiss</span> said he believes <span class="company">Chevron</span> is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector.</span>...<span class="sent">Argus Research analyst <span class="analyst">Phil Weiss</span> said he believes <span class="company">Chevron</span> is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector.</span> <span class="company">Chevron</span> has said it will reduce spending by $US1 billion ($A1.1 billion) this year on downstream businesses, which include refining, marketing and transportation. Tweet this 

In addition, new refineries are being built. "Downstream conditions are likely to be difficult for the next several years," Mike Wirth, executive vice president of Chevron's global downstream business, said in a statement. Argus Research analyst Phil Weiss said he believes Chevron is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector. 
Share:  In addition, new refineries are being built. "Downstream conditions are likely to be difficult for the next several years," Mike Wirth, executive vice president of <span class="company">Chevron</span>'s global downstream business, said in a statement.<span class="sent"> Argus Research analyst <span class="analyst">Phil Weiss</span> said he believes <span class="company">Chevron</span> is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector.</span>...<span class="sent">Argus Research analyst <span class="analyst">Phil Weiss</span> said he believes <span class="company">Chevron</span> is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector.</span> <span class="company">Chevron</span> has said it will reduce spending by $1 billion this year on downstream businesses, which include refining, marketing and transportation. Tweet this 

conditions are likely to be difficult for the next several years, Mike Wirth, executive vice president of Chevron`s global downstream business, said in a statement.Argus Research analyst Phil Weiss said he believes Chevron is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector.Chevron has said it will reduce spending by $1 billion this year on downstream businesses, which include refining, marketing and transportation.Chevron wants to focus its downstream portfolio in North America and the Asian Pacific region, and is shifting its production toward natural gas and Asian assets.In addition to seeking bids for the Pembroke refinery and for fuels marketing, aviation and lubricants businesses in the Caribbean and Central America, Chevron said it is reviewing refinery operations in Hawaii and other undisclosed operations outside South Africa, Avram said.Chevron has growing operations in Canada, where it is a minority partner in the Athabasca oilsands project in northern Alberta, a project operated by Shell Canada and which includes Marathon Oil Corp.It also owns a 75 year old refinery in suburban Vancouver, where it refines diesel and gasoline to 
Share:  conditions are likely to be difficult for the next several years, Mike Wirth, executive vice president of <span class="company">Chevron</span>`s global downstream business, said in a statement.Argus<span class="sent"> Research analyst <span class="analyst">Phil Weiss</span> said he believes <span class="company">Chevron</span> is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector.<span class="company">Chevron</span> has said it will reduce spending by $1 billion this year on downstream businesses, which include refining, marketing and transportation.<span class="company">Chevron</span></span> wants to focus its downstream portfolio in North America and the Asian Pacific region, and is shifting its production toward natural gas and Asian assets.In addition to seeking bids for the Pembroke refinery and for fuels marketing, aviation and lubricants businesses in the Caribbean and Central America, <span class="company">Chevron</span> said it is reviewing refinery operations in Hawaii and other undisclosed operations outside South Africa, Avram said.<span class="company">Chevron</span> has growing operations in Canada, where it is a minority partner in the Athabasca oilsands project in northern Alberta, a project operated by Shell Canada and which includes Marathon Oil Corp.It also owns a 75 year old refinery in suburban Vancouver, where it refines diesel and gasoline to Tweet this 

In addition, new refineries are being built. "Downstream conditions are likely to be difficult for the next several years," Mike Wirth, executive vice president of Chevron's global downstream business, said in a statement. Argus Research analyst Phil Weiss said he believes Chevron is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector. 
Share:  In addition, new refineries are being built. "Downstream conditions are likely to be difficult for the next several years," Mike Wirth, executive vice president of <span class="company">Chevron</span>'s global downstream business, said in a statement.<span class="sent"> Argus Research analyst <span class="analyst">Phil Weiss</span> said he believes <span class="company">Chevron</span> is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector.</span>...<span class="sent">Argus Research analyst <span class="analyst">Phil Weiss</span> said he believes <span class="company">Chevron</span> is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector.</span> <span class="company">Chevron</span> has said it will reduce spending by $1 billion this year on downstream businesses, which include refining, marketing and transportation. Tweet this 

In addition, new refineries are being built. "Downstream conditions are likely to be difficult for the next several years," Mike Wirth, executive vice president of Chevron's global downstream business, said in a statement. Argus Research analyst Phil Weiss said he believes Chevron is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector. 
Share:  In addition, new refineries are being built. "Downstream conditions are likely to be difficult for the next several years," Mike Wirth, executive vice president of <span class="company">Chevron</span>'s global downstream business, said in a statement.<span class="sent"> Argus Research analyst <span class="analyst">Phil Weiss</span> said he believes <span class="company">Chevron</span> is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector.</span>...<span class="sent">Argus Research analyst <span class="analyst">Phil Weiss</span> said he believes <span class="company">Chevron</span> is making the right move but he questions whether the producer will get a good price for the assets in the difficult business environment which has affected the entire sector.</span> <span class="company">Chevron</span> has said it will reduce spending by $1 billion this year on downstream businesses, which include refining, marketing and transportation. Tweet this 

Analysts from UBS said in a note to clients that the company is more likely to announce more aggressive divestitures of the retail assets and vigorous cost cutting than the closure of any of its refineries. In 2009, Chevron exited multiple international downstream retail markets, including Nigeria, Brazil, Uganda and Kenya. Chevron, which is more vulnerable than other major U. S oil companies to the low return marketing business, is likely to continue that strategy, UBS said. The company could also announce the reinstatement of its share repurchase program, suspended in the fourth quarter of 2008 when oil prices drastically fell, said Phil Weiss, an analyst at Argus Research. "With a stronger commodity price environment than last year, we estimate Chevron could spend $4 billion in share repurchases," UBS said 
Share:  Analysts from UBS said in a note to clients that the company is more likely to announce more aggressive divestitures of the retail assets and vigorous cost cutting than the closure of any of its refineries. In 2009, <span class="company">Chevron</span> exited multiple international downstream retail markets, including Nigeria, Brazil, Uganda and Kenya. <span class="company">Chevron</span>, which is more vulnerable than other major U. S oil companies to the low return marketing business, is likely to continue that strategy, UBS said.<span class="sent"> The company could also announce the reinstatement of its share repurchase program, suspended in the fourth quarter of 2008 when oil prices drastically fell, said <span class="analyst">Phil Weiss</span>, an analyst at Argus Research.</span> "With a stronger commodity price environment than last year, we estimate <span class="company">Chevron</span> could spend $4 billion in share repurchases," UBS said....In 2009, <span class="company">Chevron</span> exited multiple international downstream retail markets, including Nigeria, Brazil, Uganda and Kenya. <span class="company">Chevron</span>, which is more vulnerable than other major U. S oil companies to the low return marketing business, is likely to continue that strategy, UBS said.<span class="sent"> The company could also announce the reinstatement of its share repurchase program, suspended in the fourth quarter of 2008 when oil prices drastically fell, said <span class="analyst">Phil Weiss</span>, an analyst at Argus Re Tweet this 

A takeover of Smith might prompt antitrust regulators to force asset sales to prevent Schlumberger from having too much market share in certain categories, Argus Research analyst Philip Weiss said . 
Share:  <span class="sent">A takeover of Smith might prompt antitrust regulators to force asset sales to prevent <span class="company">Schlumberger</span> from having too much market share in certain categories, Argus Research analyst <span class="analyst">Philip Weiss</span> said .</span> Tweet this 

A takeover of Smith might prompt antitrust regulators to force asset sales to prevent Schlumberger from having too much market share in certain categories, Argus Research analyst Philip Weiss said . 
Share:  <span class="sent">A takeover of <span class="company">Smith</span> might prompt antitrust regulators to force asset sales to prevent Schlumberger from having too much market share in certain categories, Argus Research analyst <span class="analyst">Philip Weiss</span> said .</span> Tweet this 

The projects on which these mammoth rigs can take years to complete, and hinge on a long term view of commodity prices and energy demand rather than near term market forces, which can drive down investment in smaller, short term projects. Phil Weiss, an analyst with Argus Research Co in New York, said companies have yet to tap all the deepwater offshore drilling opportunities. "Cheap oil has all been found. 
Share:  The projects on which these mammoth rigs can take years to complete, and hinge on a long term view of commodity prices and energy demand rather than near term market forces, which can drive down investment in smaller, short term projects. <span class="sent"><span class="analyst">Phil Weiss</span>, an analyst with Argus Research Co in New York, said companies have yet to tap all the deepwater offshore drilling opportunities. </span>"Cheap oil has all been found. Tweet this