Chevron Corp. is set to lay off between 15% to 20% of its workforce as part of a restructuring effort aimed at improving long-term competitiveness. According to Vice Chair Mark Nelson, the company will simplify its organizational structure, execute faster and more efficiently, and position itself for stronger competition in the future.
The energy giant’s global headcount consists of over 40,200 non-service station employees and nearly 5,400 service station workers. The layoffs are expected to start this year and finish by 2026. Chevron aims to reduce its structural costs through these measures by $2-$3 billion before 2027.
Nelson stated that responsible leadership requires taking these steps, which will support employees through the transition. He also emphasized the company’s goal of achieving savings through a combination of layoffs and other actions. Chevron is working to optimize its portfolio, leverage technology to enhance productivity, and change how work is performed globally.
The move comes after the company recently disclosed its fourth-quarter earnings, which showed revenues of $52.2 billion and net income of nearly $3.24 billion. Despite this, the company’s revenue decreased by 17.35% year over year. CEO Mike Wirth expressed confidence in the company’s position and predicted better performance in 2025 and 2026.
Source: https://www.foxbusiness.com/markets/chevron-trimming-headcount-15-20-percent-layoffs