Chevron has announced plans to lay off between 6,000 to 8,000 employees, or 15-20% of its global workforce, in an effort to cut costs and simplify its business. The oil giant employs approximately 40,000 people worldwide.
The company’s new headquarters in Houston will likely see significant layoffs, although exact numbers are not yet known. Chevron has already started notifying employees who can opt for buyouts through April or May. The company aims to reduce costs by $2 billion to $3 billion by the end of 2026.
Chevron’s fuel business posted a loss of $248 million in the 2024 fiscal year, primarily due to falling refining margins. The pending acquisition of Hess Corp. is currently tied up in arbitration with ExxonMobil, adding uncertainty about its future.
The company plans to reorganize its business and announce a new leadership structure within the next two weeks. Chevron’s renovation plans for its Houston office, valued at $66.5 million, have sparked concerns about the impact of layoffs on local employees.
Source: https://www.chron.com/business/article/houston-chevron-layoffs-20163413.php