Chevron will reduce its workforce by 15% to 20% over the next few years as part of a plan to cut costs by up to $3 billion. The company said the reductions will begin in 2025 and be mostly completed by the end of 2026.
Chevron will slash up to 20% of its workforce as the oil major implements a plan to cut costs by up to $3 billion, the company said Wednesday.
The workforce reductions will begin this year with most of the cuts complete before the end of 2026, according to Chevron.We do not take these actions lightly and will support our employees through the transition," Chevron Vice Chairman Mark Nelson said in a statement."But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.
We expect these actions to result in workforce reductions of 15 to 20 percent, beginning in 2025 with most complete before the end of 2026. These reductions are in line with our previous announcement of $2 to $3 billion in targeted structural cost reductions by the end of 2026, with some residual impact in 2027 and beyond. We do not take these actions lightly and will support our employees through the transition.
WORKFORCE REDUCTION COST CUTTING CHEVRON OIL INDUSTRY STRUCTURAL CHANGES
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