Chevron will cut 15 to 20 per cent of its workforce as part of a reorganisation to save money and to position the oil giant for the long-term.
Chevron announced this in a statement issued by its Vice Chairman, Mark Nelson, on Wednesday, February 12, 2025.
The job cuts will begin in 2025 and be mostly complete by the end of 2026, the company noted.
The moves are in line with a previous company pledge to remove $2 to $3 billion in “targeted structural costs” by the end of next year.
The move is expected to reduce headcount by thousands. Chevron employed 39,800 at the end of 2024, not counting service-station employees.
Nelson stated: “Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness.
Chevron: We’re committed to socio-economic development of Delta
“We do not take these actions lightly and will support our employees through the transition.
“But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.”
The announcement comes after Chevron last month reported annual profits of $17.7 billion, down 17 per cent from 2023.
The company returned a record $27 billion last year to shareholders in share repurchases and dividends, AFP reported.
Shares of the oil company fell 1.4 per cent in early afternoon trading.
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