Chevron to Move Division Out of State

Chevron Corp. plans to move its chemical division headquarters to Houston from San Ramon, Calif., eliminating about 300 jobs, an effort to save $76 million a year by 2001, the company said. The job cuts, about 6% of Chevron Chemicals’ work force, will be complete by mid-2000, Chevron said. Most would come from managerial and support staff in Houston and San Ramon. The nation’s fourth-largest oil company is trying to cut expenses by $500 million a year after its earnings suffered in 1998 from weak profit margins on chemical sales and low oil prices. The chemical division earned $151 million on sales of $3.2 billion in 1998. The move to Houston will be completed by the third quarter, Chevron said. Chevron shares fell 38 cents to close at $84.69 on the New York Stock Exchange.