As per reports, the Nigerian unit of oil major Chevron Corporation (CVX), to cut its local workforce by 25% to reduce costs driven by the weak demand for oil amid the coronavirus pandemic. Layoffs to affect workers across its operations unit.
The unit which operates in a joint venture with Nigeria’s state-owned NNPC informed that the decision was made to make adjustments and changes to remain competitive in the ongoing economic slowdown.
Prices of oil, Nigeria’s prominent export dropped sharply early this year hitting a 21-year low below $16 as the pandemic hit oil demand, though oil markets have recovered since then.
Dow 30 component Chevron Corporation (CVX), through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. To learn more about Chevron (CVX) and to track their progress please visit the Vista Partners Chevron Page.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive! Please join us at Vista Partners and receive our FREE email updates throughout the week and view our exclusive content and research.