Chevron Restructuring Includes 700 Job Cuts

Chevron Corp. said it would cut about 700 jobs in a companywide restructuring that began after the oil giant bought Unocal Corp. in August.

By the end of 2005, Chevron had laid off 250 of those employees, mostly U.S. executive and administrative positions, the San Ramon, Calif.-based company said in a government filing.

The company set aside $106 million for personnel reduction costs related to the post-merger actions and spent $62 million of that in the waning months of 2005. At the end of the year, Chevron’s worldwide payroll topped 59,000.

-- Elizabeth Douglass