Chevron Corp. plans to reduce its global workforce by 15% to 20% by next year to decrease costs and increase profits. The cuts could affect as many as 9,000 employees out of the company's 46,500 global workforce at the end of 2023. The company cites the need to simplify its organizational structure, execute faster and more effectively, and position itself for stronger long-term competitiveness.
Chevron Corp. plans to cut its global workforce by 15% to 20% by next year, as part of efforts to reduce costs and raise profits. The US oil giant employed 46,500 people globally at the end of 2023, meaning the cuts could affect as many as 9,000 employees.
The companyHow will Chevron’s move to Texas affect the East Bay? “Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness,” Vice Chairman Mark Nelson said in a statement Wednesday.The cuts will put further pressure on US oil and gas job numbers, which are still about 10% below pre-pandemic levels despite domestic production rising close to a record high. A wave of mergers and acquisitions, improved drilling efficiency and a focus by management on profitability over production growth have all led to staff reductions and slow hiring. Exxon Mobil Corp. has cut its global workforce by 17% since 2019 even as production boomed, helping its stock outperform Chevron’s over the past three years. Chevron has begun to make up some ground over the past year with strong growth from the Permian Basin and the recent start up of its long-delayed Tengiz development in Kazakhstan.Chief Executive Officer Mike Wirth has expressed his desire to focus on harvesting cash-flow coupled with modest spending on new projects over the next few years, potentially lessening the need for staff. Growth post-2030 is likely to come through Chevron’s $53 billion deal to buy Hess Corp., which owns a 30% non-operated stake in Exxon’s massive Guyana discovery. The stock dropped 0.75% by 12:46 p.m. in New York, compared with a 1.5% decrease in the S&P 500 Energy Index. “We do not take these actions lightly and will support our employees through the transition,” he said. “But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.”Dear Abby: His marriage is collapsing, and he’s so mean to his stay-at-home wifeHundreds of heating complaints reveal how controversial $50 million energy savings project has left Mt. Diablo schools in the cold Hundreds of heating complaints reveal how controversial $50 million energy savings project has left Mt. Diablo schools in the coldMiss Manners: Someone should have reined in these kids at the theaterMiss Manners: You shouldn’t assume the blind person is offended They were first-time home buyers searching without an agent. What could they find with a $750,000 budget in the East Bay? They were first-time home buyers searching without an agent. What could they find with a $750,000 budget in the East Bay?
WORKFORCE REDUCTION CHEVRON OIL INDUSTRY PROFITABILITY ENERGY SECTOR
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Chevron to Cut Global Workforce by 15% to 20%Chevron Corp. plans to reduce its global workforce by 15% to 20% by next year to cut costs and boost profits. The move could affect as many as 9,000 employees out of the company's 46,500 global workforce at the end of 2023. The company says the cuts will simplify its structure, increase efficiency, and position it for stronger long-term competitiveness.
Read more »