Chevron (CVX) Shares Trading Higher Amid Job Cuts, Growth Plan

Shares of Chevron (NYSE: CVX) are trading marginally higher today as the company announced several new initiatives that will position it well for growth through 2011...and beyond. The stock last traded at $74.89, up 0.3% from yesterday's closing price.

In a press release from earlier today, the company's EVP, Mark Wirth, outlined that: "plans to improve returns and further streamline Chevron's downstream portfolio and organization. The activities include soliciting bids for certain operations in Europe (including the Pembroke refinery), the Caribbean and select Central America markets; reviewing operations in Hawaii and Africa, outside of South Africa; and further reducing the downstream workforce. First quarter 2010 charges for severance are currently estimated to be in the range of $150 million to $200 million on an after-tax basis. Staff reductions will occur through 2011 with about 2,000 positions eliminated this year."Wirth also noted that downstream market conditions would be challenging for the next several years, so the company is taking steps to simplify the organization.

Chevron's competitors are also keeping pace today, despite oil and nat gas futures that are trading lower:

• ExxonMobil (NYSE: XOM) is up 1% to $67.14;
  
• ConocoPhillips (NYSE: COP) up 0.39% to $50.93;
  
• BP Plc (NYSE: BP) up 0.07% to $56.20; and
  
• Total SA (NYSE: TOT) up 0.42% to $57.86.

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