10:08 AM EDT, 08/13/2025 (MT Newswires) -- Chevron Phillips Chemical, a 50-50 joint venture between Chevron ( CVX ) and Phillips 66 (PSX), has cut about 130 jobs in a bid to reduce costs and improve operational efficiency, Bloomberg News reported Wednesday, citing sources familiar with the matter.

Sources told Bloomberg that the job cuts were mainly corporate roles in divisions such as information technology and supply chain management. The affected employees were notified in early August, Bloomberg said.

Chevron ( CVX ), Phillips 66, and Chevron Phillips Chemical did not immediately respond to MT Newswires' requests for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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