Chevron to Cut Up to 7,000 Jobs

[mahatmakanejeeves]

Source: The Wall Street Journal.

Business | Earnings

Chevron to Cut Up to 7,000 Jobs

Oil giant will also pare capital spending; revenue, profit fall less than Wall Street expected

By Chelsey Dulaney
[e-mail], or
[e-mail]
@chelseydulaney

Updated Oct. 30, 2015 9:35 a.m. ET

Chevron Corp. on Friday said it could cut 6,000 to 7,000 jobs and pare its capital spending by 25% next year, as profit tumbled in its third quarter.

Still, results for the quarter fell less than Wall Street had expected. Shares of Chevron, down 20% this year, added 1% in premarket trading.

Chevron didnt detail when the job cuts could occur. As of December 2014, Chevron had about 64,700 employees, according to a securities filing.

The second-biggest U.S. oil company said it expects capital spending of $25 billion to $28 billion in 2016, down 25% from this year’s budget. The company said it expects to cut spending further in 2017 and 2018, to around $20 billion to $24 billion.

Read more: http://www.wsj.com/articles/chevron-to-cut-up-to-7-000-jobs-1446209178

[Kablooie]

1. But how big is the bonus the CEO will get for this? That's what I want to know.