Chevron Corp Chief Executive Michael Wirth is preparing sweeping changes at the No. 2 U.S. oil and gas company that would cut costs and streamline operations in a drive to boost profitability, according to people familiar with the matter.

FILE PHOTO: The logo of Chevron (CVX) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo