Chevron Corp. plans to shrink its international refining business in a move that will cut jobs throughout the company.
Chevron, the second-largest U.S. oil company, did not say how many of its employees will be affected and whether the job cuts will be focused in the U.S.
A company spokesman told The Associated Press that Chevron would make a more detailed announcement in March.
Chevron, headquartered in San Ramon, Calif., said it is making the change because the number of refineries has increased around the world while demand for petroleum has dropped in many countries.
Chevron shares gave up 43 cents at $78.80 in morning trading.
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