Chevron To Cut Up To 7,000 Jobs

SAN RAMON (KCBS) -- Chevron (CVX) announced Friday the company is going to cut up to 7,000 jobs over the next couple of years in orders to save billions of dollars.

Chevron's third quarter results reflected the impact of lower oil prices, profit fell to just over $2 billion from $5.6 billion, with revenue plunging by 37 percent from a year ago to $34 billion dollars.

CEO John Watson said in a statement that the company looks to save between $20 and $24 billion dollars through the cuts by 2018.

Chevron has around 61,000 employees around the world, including more than 6,000 in the Bay Area at its San Ramon headquarters and Richmond refinery.

It was not clear how many job cuts would be in the Bay Area.