Part 3/7:
Chevron's announcement to lay off 15% to 20% of its workforce was made clear during an internal company meeting. Executives sought to alleviate concerns, asserting that this is merely a cost-cutting initiative rather than a sign of financial distress. The oil giant's recent loss in refining margins demonstrates a troubling trend. Over supply in the global oil market, disguised as a demand shortfall, is exacerbating their predicament.