Chevron To Lay Off 6,000 To 7,000 Workers Due To Budgets Cut by realitytopline: 8:14am

Chevron To Lay Off 6,000 To 7,000 Workers Due To Budgets Cut by realitytopline: 8:14am
The second-largest U.S.-based oil producer, slashed its 2016 capital budget by 25 percent and said it would lay off roughly 10 percent of its workforce, one of the most-drastic reactions to date to the plunge in crude prices.
The price drop has forced Chevron and dozens of its peers to make tough decisions about what projects to fund or not fund in order to offset natural declines at its existing fields.
The choices are that much starker at large international oil giants like Chevron that rely heavily on their massive budgets to fund exploration projects crucial to finding new energy sources.
The San Ramon, California-based company also said it would lay off 6,000 to 7,000 workers as part of the budget cuts. (s:rigzone)
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