Chevron Corporation is implementing a plan to reduce costs by $2 billion to $3 billion by the end of 2026, which will involve layoffs affecting 15% to 20% of its workforce.
Chevron Corporation is embarking on a significant cost-reduction initiative, aiming to slash expenses by $2 billion to $3 billion by the end of 2026. This ambitious plan will involve reducing the company's workforce by 15% to 20% over the next few years. Layoffs are expected to commence this year, with the majority of the reductions completed before the end of 2026. \As of December 21, 2023, Chevron employed a total of 45,600 individuals, according to their most recent annual filing.
If the employee headcount remained similar at the end of 2024, a 20% workforce reduction could result in over 9,000 job losses. \Chevron emphasizes that these decisions are not made lightly and they will provide support to their employees during this transition. Mark Nelson, Chevron's Vice Chairman, stated in a press release, 'We do not take these actions lightly and will support our employees through the transition. But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.' This restructuring comes amidst a challenging financial environment for Chevron's fuel business, which reported a loss of $248 million in the latest period, a stark contrast to the $1.15 billion profit recorded in the previous year. The decline in refining margins has significantly impacted the company's profitability. Additionally, Chevron is in the process of relocating its corporate headquarters from San Ramon, California, to Houston, Texas
Chevron Layoffs Cost-Cutting Oil Industry Energy Sector
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