Chunk of Chevron's job cuts seen in 2008: filing
NEW YORK (Reuters) - Pointing at a slew of job cuts, Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) said in a regulatory filing that about 1,100 employees were eligible for severance payments, after it implemented a restructuring plan in 2007.
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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