You are here
SAN RAMON, Calif. -- Due to a reported 84 percent drop in quarterly refining profits, Chevron Corp. said it plans to fire as many as 1,000 employees in its refining, marketing and transportation divisions, reported Bloomberg News.
According to a regulatory filing today by the company,
approximately 300 workers, mostly located outside the U.S., received termination notification in the first quarter. The majority of the remaining terminations are slated for 2009.
On May 2, Chevron, the second-biggest U.S. oil company in the U.S., released its first-quarter report noting that net income climbed to $5.17 billion, or $2.48 a share. While record crude prices were realized, refining earnings dropped as gasoline failed to rise as fast, narrowing profit margins, reported Bloomberg.
According to news service, quarterly profit from the company's international refining, marketing and transportation operations dropped to $248 million from $1.27 billion a year ago. The 2007 quarter included a $700 million gain on the sale of assets in the Netherlands.