BizNomic

With a clear cut shrink-to-focus strategy in mind, Chevron Corp., America’s second largest multinational energy corporation, is planning to sell a U.K. oil refinery, cut 2,000 jobs as well as shed assets in the Caribbean and Central America in order to make up for losses from its fuel-making business. It is also contemplating further job reductions in 2011, along with asking for bids for some assets in Europe, including the Pembroke Refinery in the U.K. It may also reduce operations at a refinery in Hawaii, which reportedly lost $613 million during the last three months of 2009. The company said the cuts come as a part of its plans to boost earnings by lowering costs, exiting unprofitable markets, and streamlining its business.

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