Chevron to Realign Its Gas and Midstream Business

SAN RAMON, Calif. (AP) -- Chevron (NYSE: CVX  ) said Thursday that it will realign its gas and midstream business by consolidating its supply and trading functions into a single group.

Chevron's downstream business previously oversaw the company's trading operations for crude oil and refined products, while the gas and midstream business handled Chevron's natural gas and liquefied natural gas trading operations.

Chevron said the changes will better integrate its supply and trading activities and allow the gas and midstream business to boost the value of the company's upstream and downstream assets.

Joseph Geagea, 53, will lead the new organization and remain a corporate vice president and president for gas and midstream.

The new organization is effective June 1.

Shares of San Ramon, Calif.-based Chevron fell 25 cents to $116.20 in afternoon trading.

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