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Oil giant Chevron Corp promised to boost the number of senior level women and ethnic minority executives as it continues its cost-cutting and layoff measures this year. So reports Reuters.

chevronThe 38% of women and ethnic minorities who held senior level management jobs last year will go up to 44%, the firm noted in a statement. The oil giant has followed the playbook of its rivals in slashing spending, shrinking business units and requesting managers reapply for their jobs as the industry contends with depressed oil prices.

As of the end of 2019, less than 25% of the company’s U.S. executives and senior managers were women, and only 22% were ethnic minorities.

While women and people of color made up 46% of the entire oil industry’s workforce last year--with that expected to grow to 54% through 2040, according to an IHS Markit analysis for the American Petroleum Institute--a much smaller percentage of this demographic is represented in senior management.

Read the full article from Reuters.

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