MarketWatch.com - Top Stories - Mar 09, 2010Chevron Corp (CVX)
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Brian Niemiec
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Susquehanna Financial GroupChevron Corp said Tuesday it plans to cut 2,000 jobs this year as part of an effort to realize savings in its refining operations, as the oil major signals that recent woes in the business of making gasoline and diesel fuel will persist well beyond 2010.
Chevron ( CVX 74.50 , 0.14 , 0.19% ) also plans to solicit bids for operations in Europe, including its Pembroke, Wales, refinery, as well as the Caribbean and select Central America markets. It's also reviewing operations in Hawaii and Africa, outside of South Africa. Dow Jones Industrial Average component
Chevron said first quarter charges for severance are currently estimated to be in the range of $150 million to $200 million on an after tax basis, with more charges to follow since staff reductions will occur through 2011.
'Given the weak refining market, mergers and acquisitions in the sector may be hard to come by.' Brian Niemiec, Susquehanna Research Group.
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<span class="company">Chevron</span> Corp said Tuesday it plans to cut 2,000 jobs this year as part of an effort to realize savings in its refining operations, as the oil major signals that recent woes in the business of making gasoline and diesel fuel will persist well beyond 2010. <span class="company">Chevron</span> ( CVX 74.50 , 0.14 , 0.19% ) also plans to solicit bids for operations in Europe, including its Pembroke, Wales, refinery, as well as the Caribbean and select Central America markets. It's also reviewing operations in Hawaii and Africa, outside of South Africa. Dow Jones Industrial Average component <span class="company">Chevron</span> said first quarter charges for severance are currently estimated to be in the range of $150 million to $200 million on an after tax basis, with more charges to follow since staff reductions will occur through 2011.<span class="sent"> 'Given the weak refining market, mergers and acquisitions in the sector may be hard to come by.' <span class="analyst">Brian Niemiec</span>, Susquehanna Research Group.</span>...<span class="company">Chevron</span> Corp said Tuesday it plans to cut 2,000 jobs this year as part of an effort to realize savings in its refining operations, as the oil major signals that recent woes in the business of making gasoline and diesel fuel will persist well beyond 2010. <span class="company">Chevron</span> ( CVX 74.50 , 0.14 , 0.19% ) also plans to solicit bids for operations in Europe, including its Pem
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