Chevron stated on Wednesday that it will reduce its personnel by 15% to 20% as part of a cost-cutting strategy.
By the end of 2026, the majority of the cuts will be finished, and the layoffs will start this year. By the end of next year, Chevron wants to cut expenses by $2 billion to $3 billion, the company says.
Chevron’s most recent annual filing shows that as of December 21, 2023, the company employed 45,600 people. Reducing its employment by 20% would lead to over 9,000 layoffs if the organization’s workforce size at the end of 2024 was comparable.
“We will assist our employees during this transition and do not take these actions lightly,” said Mark Nelson, vice chairman of Chevron, in a statement.
However, good leadership necessitates these actions to increase our company’s long-term competitiveness for our communities, shareholders, and employees.
Source (CNBC)
