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Chevron to shed 2,000 jobs this year (AP)

Chevron Corp. says it will cut 2,000 jobs this year and will continue reducing its work force through 2011.

The nation's second largest oil producer revealed the cuts as it outlined corporate strategy and major capital projects Tuesday in a meeting with financial analysts in New York.

Chevron, which is based in San Ramon, Calif., says its oil refining market conditions will be difficult for the next several years. It plans to reduce costs and capital spending, improve efficiency and simplify its organization.

Chevron also says it will concentrate its refining business in its North American and Asia-Pacific markets.

CEO John Watson says Chevron is poised for another decade of growth. The company expects to shift its portfolio toward natural gas and Asia.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

DETROIT (AP) — Chevron Corp. says it will cut 2,000 jobs this year and will continue reducing its work force through 2011.

The nation's second largest oil producer revealed the cuts as it outlined corporate strategy and major capital projects Tuesday in a meeting with financial analysts in New York.

California-based Chevron says its oil refining market conditions will be difficult for the next several years, so it plans to reduce costs and capital spending, improve efficiency and simplify its organization.

Chevron also says it will concentrate its refining business in its North American and Asia-Pacific markets where it has the greatest competitive strength.

CEO John Watson says in a statement that Chevron is poised for another decade of growth. The company expects to shift its portfolio toward natural gas and Asia.

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