Chevron downsizing 2,000 jobs to save money

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The Chevron logo is displayed at a Chevron gas station Jan. 29, 2010 in Alameda.

Chevron says it's cutting 2,000 jobs. Chevron plans to cut not only those jobs this year, but will continue to reduce its workforce through 2011.

Chevron is the second largest oil producer in the US; it outlined its corporate strategy and major capital projects today while meeting with financial analysts in New York.

The company is based near Los Angeles. Its CEO, John Watson, says its oil refining conditions will be difficult for the next several years.

It hopes to offset these difficulties by reducing costs and becoming more efficient by simplifying its organization. Chevron also says it will focus its refining business in the regions where it's most competitive: North American and Asian-Pacific markets.

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