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Chevron CEO planning major cost-cutting overhaul of production teams

Known for cost cutting at refining and chemical operations earlier in his career, Wirth's overhaul will apply those skills to Chevron's upstream operations



Chevron Corp Chief Executive Michael Wirth is preparing sweeping changes at the No. 2 US oil and gas company that would cut costs and streamline operations in a drive to boost profitability, according to people familiar with the matter. Wirth, who took over the company 21 months ago, intends to cut the company's massive global upstream group into individual units, focusing on shale as well as liquefied natural gas and deepwater businesses, the sources said. Chevron has been among the strongest performers among the big oil majors but the company is trying to stay ahead of ...

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First Published: Sat, November 23 2019. 23:36 IST