Chevron announced plans to lay off 15-20% of its global workforce by the end of 2026 in an effort to cut costs and simplify its business operations. The company has faced various production challenges, particularly in a significant Kazakhstan oilfield project, and is attempting to finalize a $53 billion acquisition of Hess amid legal disputes with Exxon Mobil. Chevron aims to reduce costs by up to $3 billion and reorganize its structure to enhance competitiveness, addressing industry-wide refining weaknesses and anticipated oil price pressures.
Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness.
Chevron will reorganize its business and announce a new leadership structure in the next two weeks.
At the end of 2023, Chevron employed 40,212 people; a layoff of 20% would be about 8,000 employees.
The company is targeting up to $3bn in cost cuts through leveraging technology, asset sales and changing how and where work is performed.
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