Chevron is cutting its global workforce by 15-20%, affecting up to 9,000 employees. The oil giant cited improved long-term competitiveness as the reason for the drastic measure. This move comes after a year of record oil production but declining profit margins in refining business. Chevron has been steadily reducing its workforce over the last decade, leveraging technology to boost efficiency and cut expenses.
Source: https://www.washingtonpost.com/business/2025/02/12/chevron-layoffs