CPChem Cuts 130 Jobs as ‘First Step’ in Cost-Cutting Campaign

Chevron Phillips Chemical Co., a 50-50 joint venture between Chevron Corp. and Phillips 66, has cut roughly 130 jobs in the latest in a round of reductions sweeping through the Texas oil and chemicals sector.

The cuts primarily involve corporate roles including information technology, supply-chain management and logistics rather than chemical plants, according to people familiar with the matter who requested anonymity discussing non-public information. Affected employees were informed in early August, just weeks after CPChem moved into a new 360,000 square-foot headquarters in the Houston suburb of The Woodlands.