Chevron to Eliminate 550 Jobs As a Result of the Unocal Merger

Chevron has placed 550 jobs on the chopping block after its acquisition of rival independent oil and gas company Unocal earlier this year.

Chevron said most of the jobs are executive and administrative positions. Chevron expects to complete the post-merger restructuring and reorganization by the end of 2006.

The company also stated in a securities report that it has contributed $119 million to its pension plans through September 30th. The company plans to continue making contributions which could total $400 million this year.