Chevron To Lay Off 15-20 Pct Of Global Workforce

HOUSTON, Feb 13 (Bernama-Xinhua) -- The US oil giant Chevron said on Wednesday that it will lay off 15 per cent to 20 per cent of its 40,000-strong global workforce by the end of 2026, reported Xinhua.

Chevron, which recently moved its headquarters from San Ramon, California, to Houston, Texas, said the lay-off will lower costs and simplify operations.

"Chevron is taking action to simplify our organisational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness," said Chevron Vice Chairman Mark Nelson in a statement.

"We do not take these actions lightly and will support our employees through the transition," said Nelson.

The oil giant told employees during an internal town hall meeting that buyouts are open now through April or May, according to a report from Chron, a Houston-based news website which was once the digital home for the Houston Chronicle.

As a result, 6,000 to 8,000 employees will lose their jobs as the company seeks to save US$2 billion to US$3 billion by the end of 2026 by leveraging technology, asset sales, and reorgansing its business. The oil giant is expected to announce a new leadership structure in two weeks.

Chevron's fuel business posted a loss of US$248 million for the 2024 fiscal year, compared with a profit of US$1.15 billion in fiscal 2023, as refining margins have fallen, according to the report.  

-- BERNAMA-XINHUA