According to a report by CNBC, Chevron announced plans to reduce its workforce by 15 percent to 20 percent as part of a cost-cutting strategy.
The oil major aims to lower costs by $2 billion to $3 billion by the end of next year. The layoffs will begin this year, with most cuts expected to be completed before the end of 2026.
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As of Dec. 21, 2023, Chevron reported a total headcount of 45,600 employees. If the workforce remains similar by the end of 2024, a 20 percent reduction would result in over 9,000 layoffs.
“We do not take these actions lightly and will support our employees through the transition,” said Chevron Vice Chairman Mark Nelson. “But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.”
Headquartered in Houston, Chevron is one of the largest oil and gas corporations in the United States and is the second largest successor of Standard Oil. The company is also the title sponsor of the Houston Marathon.
A report from CNBC contributed to this article. Read the full article here.
