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Elroy Jetson

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From: E_K_S	11/25/2019 8:35:19 AM
	2 Recommendations Read Replies (1) of 206209

Chevron CEO planning major cost-cutting initiative - Reuters Nov. 22, 2019 2:06 PM ET\|About: Chevron Corporation (CVX)\|By: Carl Surran, SA News Editor Chevron ( CVX +0.3%) CEO Michael Wirth is preparing sweeping changes that would cut costs and streamline operations in a drive to boost profitability, Reuters reports. Wirth reportedly plans to cut CVX's massive global upstream group into individual units, focusing on shale as well as the liquefied natural gas and deepwater businesses. The proposed changes could lead to the departure over time of several hundred employees now assigned to overlapping production technology groups likely to be consolidated or folded, according to the report. With expectations that U.S. oil prices will stay below $60/bbl for an extended period, "Everyone, not just Chevron, will be revisiting their structure with an eye on cost-cutting," says Edward Jones analyst Jennifer Rowland

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