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Chunk of Chevron's job cuts seen in 2008: filing

NEW YORK
Fri May 9, 2008 6:34am EDT
Robbie Leech pumps gas at a Chevron gas station in Louisville, Kentucky February 2, 2007. REUTERS/John Sommers II

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NEW YORK (Reuters) - Pointing at a slew of job cuts, Chevron Corp (CVX.N) said in a regulatory filing that about 1,100 employees were eligible for severance payments, after it implemented a restructuring plan in 2007.

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Severance payments for about 300 staffers, mostly outside the United States, had already been made as of March 31, the second largest U.S. oil company said in a filing with the U.S. Securities and Exchange Commission on Thursday.

A majority of job cuts are expected to occur in 2008, and the program is expected to be completed by the end of 2009, Chevron said in the filing.

Chevron posted a rise in first-quarter earnings earlier this month as record oil prices outweighed weak profits from gasoline production.

(Reporting by Aarthi Sivaraman; editing by Rory Channing)
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