Pennzoil to Announce Staff Reductions: Pennzoil Co....

Pennzoil to Announce Staff Reductions: Pennzoil Co. is set to announce an unspecified reduction in its work force in order to cut costs, its president told shareholders at the company’s annual meeting that was packed with surprised employees. James Pate, Pennzoil president, told reporters after the meeting that the company will first seek cuts through an early retirement program. He said there are 415 employees over the age of 50 who would qualify. The job cuts are expected to become effective June 1.