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Mining Weekly reported that Chevron (NYSE:CVX) plans to cut 6,000 to 7,000 jobs globally as it works to cut costs.
Mining Weekly reported that Chevron (NYSE:CVX) plans to cut 6,000 to 7,000 jobs globally as it works to cut costs.
As quoted in the market news:
Chairperson and CEO John Watson at the end of last week said capital and exploration spend for 2016 would be 25% lower in the 2016 financial year than in 2015, reaching between $25-billion and $28-billion.
“We expect further reductions in spending for 2017 and 2018, to the A$20-billion to $24-billion range, depending on business conditions at the time. With the lower investment, we anticipate reducing our employee workforce by 6 000 to 7 000.”
Chevron was continuing construction on both its Gorgon and Wheatsone liquefied natural gas (LNG) projects, in Australia. The Gorgon project is more than 90% complete and includes the construction of a 15.6-million-tonne-a-year LNG plant on Barrow Island and a domestic gas plant with the capacity to supply 300 terajoules of gas a day to Western Australia.
Wheatstone is more than 65% complete and includes two LNG trains with a combined capacity of 8.9-million tonnes a year, as well as a domestic gas plant.