A pumpjack operates above a Chevron Corp. oil well near Taft, California.
Photographer:Chip Chipman/Bloomberg
Chevron Corp. said it’s cutting its workforce by about 10 percent amid the worst oil-market slump since the 1980s even as the company posted third-quarter profit that surpassed analysts’ expectations.
Chevron said in a statement Friday that it will cut 6,000 to 7,000 jobs, numbers that include 1,500 layoffs announced earlier this year. The company earned $1.09 a share, 33 cents more than the average of 21 analysts’ estimates compiled by Bloomberg. Profit from refining oil into fuels jumped 59 percent to $2.2 billion.
Spending in 2016 will be 25 percent less than this year, said Chevron Chairman and Chief Executive Officer John Watson in the statement.
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