Chevron Planning Layoffs Of Up To 20% Of Its Staff
Chevron Corp. will cut 15% to 20% of its global workforce by next year to trim costs and boost profits. With 46,500 employees at the end of 2023, up to 9,000 jobs could be affected, according to Bloomberg.
The move comes as part of a push to save up to $3 billion by 2026.
Vice Chairman Mark Nelson commented: “Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness.”
The Bloomberg article says that Chevron has lagged behind Exxon Mobil in production growth over the past three years despite rising commodity prices post-Covid.
However, its stock has rebounded, driven by strong Permian Basin output and the long-delayed Tengiz project in Kazakhstan.
Nelson added: “We do not take these actions lightly and will support our employees through the transition. But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.”
Recall, Oilprice.com wrote in late 2024 that Chevron reduced the amount of capital expenditure it will allocate for its operations in the Permian Basin this year
The company said it planned to spend between $4.5 billion and $5 billion on production in the Permian, “as production growth is reduced in favor of free cash flow.” Total upstream spending for this year is planned at $13 billion, with the company’s total capex budget set in a range of between $14.5 billion to $15.5 billion.
This would be a decline from 2024′s capex budget of $15.5 billion to $16.5 billion.
Tyler Durden Thu, 02/13/2025 – 04:15
Source: https://freedombunker.com/2025/02/13/chevron-planning-layoffs-of-up-to-20-of-its-staff/
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