Chevron Plans to Cut Up to 20% of Workers in Efficiency Push
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Chevron Corp. plans to cut its global workforce by 15% to 20% by next year, as part of efforts to reduce costs at the U.S. oil major.
Chevron employed 46,500 people globally at the end of 2023, meaning the cuts could affect as many as 9,000 employees. The company is targeting $2 billion to $3 billion of “structural” cost reductions by 2026 as it attempts to improve efficiency.
“Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness,” Vice Chairman Mark Nelson said in a statement Feb. 12.
“We do not take these actions lightly and will support our employees through the transition,” he said. “But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.”
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