05:38 AM EDT, 08/14/2025 (MT Newswires) -- (Updates to include a statement from Chevron Phillips Chemical throughout the article.)

Chevron Phillips Chemical, a 50-50 joint venture between Chevron ( CVX ) and Phillips 66 (PSX), confirmed to MT Newswires in a Wednesday statement that it has cut about 130 jobs "to improve operational efficiency and manage costs."

Bloomberg News reported the job cuts earlier, citing sources familiar with the matter who said 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.

A spokesperson for Chevron Phillips Chemical told MT Newswires that affected employees were offered severance benefits and transition support services.

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