Chevron Corp. said about 1,100 employees were eligible for severance payments at the end of the first quarter, after the nation's second largest oil company eliminated the positions as part of a restructuring and reorganization plan.
According to a filing Thursday with the Securities and Exchange Commission, about 300 employees within the company's downstream operations had received severance packages as of March 31. The bulk of the pay outs are expected to be doled out this year, Chevron said. Most of the positions are located outside the U.S.
The reorganization is expected to be completed next year.
Chevron said last week its first-quarter profit rose 10 percent to a record $5.17 billion, as soaring higher oil prices countered weakness in its refining and chemicals units.
Shares rose a penny to $97.45 in premarket trading.
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