Chevron announced plans to lay off 15% to 20% of its global workforce by the end of 2026, aiming to save costs amidst production difficulties and a complicated acquisition. The company faces challenges, including delays in a Kazakhstan oilfield project and industry-wide issues affecting refining. Its pending $53-billion acquisition of Hess is currently stalled due to legal disputes with Exxon Mobil. Chevron targets up to $3 billion in savings through operational changes and has begun offering buyouts to employees.
Chevron plans to lay off 15% to 20% of its workforce by 2026 as part of a strategy to cut costs and simplify operations.
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