11:42 GMT23 October 2020
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    Chevron's chief executive officer John Watson is reportedly stepping down next month.

    WASHINGTON (Sputnik) — John Watson is stepping down as Chevron's chief executive officer next month in an attempt to streamline operations, media reported.

    Watson is expected to be replaced by Chevron's Vice Chairman Michael Wirth, the Wall Street Journal, citing unnamed sources, said on Tuesday.

    Wirth specializes in oil refining operations and Chevron's board of directors is said to be eager to reduce costs and streamline operations as a result of the price dynamics in the oil market, the report said.

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