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Chevron is bleeding, announces massive layoffs

Low oil prices are hurting US-based oil giant Chevron, which sees a massive drop in revenue in its third quarter. Although the results were not quite as bad as expected, thousands of workers are set to be out of a job, the company’s interim report reveals.

Photo: Songa Offshore

Low oil prices are hurting US-based oil giant Chevron, which sees a massive drop in revenue in its third quarter. Although the results were not quite as bad as expected, thousands of workers are set to be out of jobs, the company's interim report reveals.

Net revenue dipped to USD 34.3 billion in Q3 against USD 54.7 billion in the same period the year before. It meant the bottom line more than halved to USD 2 billion compared with USD 5.6 billion in Q3 last year.

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