Chevron Corp., the second-largest U.S. oil company, announced on Tuesday that it would cut 2,000 jobs this year amid challenging market conditions.
The company said the cuts come as a part of its plans to boost earnings by lowering costs, exiting unprofitable markets, and streamlining its business.
"Market conditions are likely to be difficult for the next several years," said Mike Wirth, executive vice president of Chevron's Global Downstream division in a statement.
Lloyd Avram, a Chevron spokesperson, told CNN that the cuts will comeÂ from areas including refining and marketing, and are a part of a larger restructuring effort.
Back in 06 when I was in University, CVX showed up and touted how "Chevron has never had a layoff". So much for that.