Report: Chevron planning cost-cutting overhaul, focus on shale

Chevron Corp. CEO Michael Wirth is preparing to make sweeping changes at the California-base oil and gas company, streamlining operations and placing more emphasis on shale, natural gas and deepwater businesses.

According to a report by Reuters, the company, which has a major presence in Houston, is trying to stay ahead of a weakness in shale that has hurt other large oil exploration companies. Wirth, who took over the company in early 2018, believes the moves will increase the company’s profitability.…