Chevron to split global operations

Chevron Corp., the second-largest U.S. oil company, said Tuesday that it would split its global exploration and production operations into four operating companies along regional lines to better manage its growth.

The company also named John Watson its executive vice president of strategy and development -- a new position to oversee business development, mergers and acquisition and development of major capital projects.

Watson, currently president of Chevron’s international exploration and production division, will move to the new job Jan. 1.

San Ramon, Calif.-based Chevron said its worldwide exploration and production group would expand from two entities to four: Africa and Latin America; Asia Pacific; Eurasia, Europe and Middle East; and North America. It currently has companies just for North American and for international exploration and production.

In March, the company said it was making progress on more than 30 oil and natural gas development projects around the world in which it was investing at least $1 billion apiece.