SAN RAMON, Calif. -- Chevron Corp. said in a filing with the U.S. Securities & Exchange Commission (SEC) that in 2007, the company implemented a restructuring and reorganization program in its global downstream operations. As a result of the job cuts, approximately 1,100 employees were eligible for severance payments.
As of March 31, 2008, severance payments had been made to approximately 300 employees, the company said. Most of the associated positions are located outside of the United States, it added.
The company expected most of the terminations to occur in 2008, and expected [image-nocss] the program to be complete by the end of 2009.
Chevron Corp. has reported net income of $5.17 billion for first-quarter 2008, compared with $4.72 billion in the 2007 first quarter. Sales and other operating revenues in first-quarter 2008 were $65 billion, up from $46 billion a year earlier on higher prices for crude oil, natural gas and refined products.(Click here for details on Chevron's first-quarter financials.)
In other company news, San Ramon, Calif.-based Chevron said that it has contributed $2 million to provide assistance to those affected by the recent devastating cyclone in Myanmar. The International Federation of the Red Cross will receive a $1 million contribution. An additional $1 million will be allocated to four other organizations: the International Organization for Migration, Mercy Corps, Pact and Save the Children.
The contributions will aid disaster relief efforts for Cyclone Nargis that struck Myanmar May 2, 2008, and caused widespread destruction along the country's southern coast and southeast regions.
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