Chevron Corp has plans to cut between 10 percent and 15 percent of its workforce as crude oil prices remain stubbornly low amid the coronavirus pandemic and oversupply. With oil demand set for a slow rebound in the coming quarters due to the pandemic, Big Oil, along with service providers and small drillers, have been forced to shift gears to trim the fat—and often then some in order to stay afloat. While oil prices have rebounded somewhat in the last couple of weeks, WTI is still trading down nearly 50% on the year—an untenable situation for most of Big oil and small shale drillers alike. On Wednesday afternoon, WTI was trading at $32.90 —down nearly 4% on the day. “This is a difficult decision, and we do not make it lightly,” Chevron said in a statement carried by Bloomberg. Chevron employs nearly 50,000 employees as of the end of […]