Chevron to Cut 15%-20% of Global Workforce

In a bold move to streamline operations and reduce costs, Chevron, the US oil giant, has announced plans to lay off 15% to 20% of its global workforce. This decision comes as part of a broader strategy to save up to $3 billion, as stated by Vice Chairman Mark Nelson on Wednesday.

Supporting Employees Through Transition

"We do not take these actions lightly and will support our employees through the transition," Nelson emphasized. The company is committed to ensuring that the process is handled with care and respect for all affected individuals.

Long-Term Competitiveness in Focus

"Responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders, and our communities," the statement further read. This strategic decision underscores Chevron's dedication to sustaining its market position and ensuring future growth.

Timeline for Workforce Reduction

The layoffs are set to begin this year, with the majority expected to be completed by the end of 2026. This phased approach allows Chevron to manage the transition smoothly and minimize the impact on its operations and workforce.