Chevron, the second-largest U.S. oil and gas company, plans to reduce its workforce by up to 20% as part of efforts to cut costs and improve operational efficiency. The company, employing around 45,600 individuals at the end of 2023, expects these layoffs to occur over the next two years. Vice chairman Mark Nelson emphasized the importance of simplifying the organizational structure to achieve greater competitiveness in the long term. Additionally, Chevron recognized $715 million in severance charges during the fourth quarter of 2024 as part of this restructuring initiative.
Chevron announced plans to lay off up to 20% of its workforce, impacting about 9,120 employees, as part of a strategy to streamline operations.
The cost-cutting measures aim to simplify organizational structure and enhance long-term competitiveness, according to company vice chairman Mark Nelson.
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