FILE PHOTO: A Chevron gas station is seen in Austin, Texas, U.S., October 23, 2023.
Brian Snyder | Reuters
Chevron will slash 15% to 20% of its workforce as the oil major implements a plan to cut costs, the company announced Wednesday.
The layoffs will begin this year with most of the cuts complete before the end of 2026. The job cuts are part of the oil major’s plans to slash costs by between $2 billion and $3 billion by the end of next year, according to Chevron.
“We do not take these actions lightly and will support our employees through the transition,” Chevron Vice Chairman Mark Nelson said in a statement. “But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.”
Chevron shares were trading about 1% lower.
The oil major missed Wall Street’s earning expectations for the fourth quarter. Chevron’s fuel business posted a loss of $248 million in the quarter, compared to a profit of $1.15 billion in prior year period as refining margins have fallen.
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