ChevronTexaco Reduces Workforce
ChevronTexaco Corp. has begun to lay off 7 percent of its work force, or about 4,000 employees, as the oil giant eliminates overlapping operations in two businesses brought together in a $39 billion merger completed last month.
The job cuts, described in the company's quarterly report to the Securities and Exchange Commission filed late Tuesday, are in line with estimates provided more than a year ago when Chevron announced its plans to take over Texaco.
ChevronTexaco is reducing its workforce by 57,000 employees as part of an effort to cut back on the combined company's overhead by $1.2 billion annually. The layoffs should be complete by the end of 2002.