An optimistic report entitled “Chevron Well-Positioned for Future Growth” emphasizes the corporation’s upstream success and hinted that European and Hawaii downstream operations might be sold (Chevron Well-Positioned for Future Growth)

Commenting on plans to deal with a challenging environment, Wirth stated, "Downstream market conditions are likely to be difficult for the next several years. We intend to further concentrate our downstream portfolio in North America and Asia-Pacific. These are markets in which we have our greatest competitive strength. We are also rapidly and aggressively lowering costs, reducing capital spending, improving efficiency and simplifying our organization."
Wirth outlined plans to improve returns and further streamline Chevron's downstream portfolio and organization. The activities include soliciting bids for certain operations in Europe (including the Pembroke refinery), the Caribbean and select Central America markets; reviewing operations in Hawaii and Africa, outside of South Africa; and further reducing the downstream workforce. First quarter 2010 charges for severance are currently estimated to be in the range of $150 million to $200 million on an after-tax basis. Staff reductions will occur through 2011 with about 2,000 positions eliminated this year.
Also see http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjIxMDE4NnxDaGlsZElEPTM3MjIwN3xUeXBlPTI=&t=1 for an optimistic PowerPoint about Chevron’s downstream operations.

Dow-Jones Refinery Newswire (http://news.morningstar.com/newsnet/ViewNews.aspx?article=/DJ/201003080844DOWJONESDJONLINE000189_univ.xml) reports, “Pre-commercial heavy oil [Pascagoula] Miss. conversion project delayed from 2008 to 2010 due to economic factors.” It had been speculated that the Pascagoula project was intended as a precursor to an expanded heavy oil processing capability at Richmond, which is at the heart of the so far successful legal challenge to the Energy and Hydrogen Renewal project EIR. Chevron’s 2009 Annual Report noted: “"We anticipate sanctioning four more projects this year, all with 2010 startups," Wirth said. "These include the crude flexibility project at Richmond, yield improvement projects at El Segundo and in South Korea, and the heavy-oil pre-commercial project at Pascagoula, Mississippi."

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