Chevron Corp Chief Executive Michael Wirth is preparing sweeping changes at the ...
- Chevron Corp Chief Executive Michael Wirth is preparing sweeping changes at the No. 2 U.S. oil and gas company that would cut costs and streamline operations in a drive to boost profitability, according to people familiar with the matter.
Chevron has been among the strongest performers among the big oil majors but the company is trying to stay ahead of weakness in shale that has hurt other large oil exploration companies.“The company is proactively evaluating existing operating models and structures to better position Chevron to compete and win in any environment,” said Chevron spokesman Kent Robertson.
Chevron’s proposed changes could lead to the departure over time of several hundred employees now assigned to overlapping production technology groups likely to be consolidated or folded, the sources said. “One of the great benefits of the advent of shale is it has inspired greatness in other asset classes,” Wirth told Wall Street analysts in March.
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