Chevron to cut up to 7,000 jobs

US oil giant Chevron could cut up to 7,000 jobs. The firm made the announcement earlier today however it hasn’t said when it will happen. It follows a fall in its profits […]

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US oil giant Chevron could cut up to 7,000 jobs.

The firm made the announcement earlier today however it hasn’t said when it will happen.

It follows a fall in its profits in the third quarter of this year.

Chevron’s average price for a barrel of crude oil and natural gas liquid plummeted 51.7% from $87  (£56/Bbl) a year ago to $42 (£27/Bbl).

It added plans to axe its capital spending to $25 billion (£16.23bn) – $28 billion (£18.17bn) in 2016 – down 25% from this year’s budget.

Chairman and CEO John Watson said: “We expect further reductions in spending in 2017 and 2018, to the $20 billion (£13bn) to $24 billion (£16bn) range, depending on business conditions at the time.”

A recent report stated UK oil and gas firms “could tap into a a £20 billion reservoir”.

Tata Steel confirmed nearly 1,200 jobs will be lost in the UK earlier this week.