Chevron Corp. (NYSE: CVX) reported Tuesday that the oil conglomerate plans to minimize its refining business in a move that will cut jobs throughout the company, according to Associated Press.
The company has yet to decide how many employees will be downsized or if all of the cuts will be concentrated in the U.S. The company will announce more details about how it plans to reorganize in March.
Top Best Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign up for our Free Stock Newsletter.
Chevron, the second-largest U.S. oil company, has warned its investors to expect smaller profits in the fourth quarter, primarily because of its refining business.
According to an interim report released earlier this month, Chevron said fourth-quarter profit margins were about 39 percent lower than last year for its Gulf Coast refineries. They were 59 percent lower in Singapore and 45 percent lower in Europe.
Chevron shares rose 45 cents at $79.68 at Tuesday’s close.
Sign up for Top Best Penny Stocks' free newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.
Follow us on Twitter: http://www.Twitter.com/topbestps
About Us
Top Best Penny Stocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer.
