San Ramon-based Chevron Corp. (NYSE: CVX) said that it would cut up to 7,000 jobs as its drastically reduces spending for 2016.
“Third-quarter earnings were down substantially from a year ago,” John Watson, Chevron chairman and CEO, said in the company’s third-quarter earnings report, released Oct. 30. “While downstream earnings remained strong, lower overall earnings reflected weaker market prices for both crude oil and natural gas, which depressed upstream profitability. We are focused on improving results by changing outcomes within our control.”
Chevron is one of the largest employers in the Bay Area, with more than 6,300 workers in the region, according to Business Times research. Along with its San Ramon headquarters, it also has a refinery in Richmond.
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