Chevron (NYSE: CVX) Will Cut 2,000 Jobs in 2010, Seek Bids for Assets

On Tuesday, Chevron Corp. (NYSE:CVX) said it will eliminate 2,000 positions this year and that it expects to reduce staff further in 2011 as part of a previously announced restructuring in its refining and marketing operations, the Wall Street Journal reported.

In prepared statements released before the Chevron's analyst meeting, the company said it is also planning to ask for bids for some assets in Europe, including the Pembroke Refinery in the U.K., and to put downstream assets in the Caribbean and select Central American countries up for sale.

Mike Wirth, Chevron's executive vice president for global downstream said in a statement, "Downstream market conditions are likely to be difficult for the next several years. We intend to further concentrate our downstream portfolio in North America and Asia-Pacific. These are markets in which we have our greatest competitive strength."