Chevron Plans Workforce Reduction to Cut Costs
Chevron Corp. intends to reduce its global workforce by 15-20% by 2024, aiming to cut costs.
The company employed approximately 46,500 people globally in 2023, indicating that the cuts could impact up to 9,000 employees. Chevron targets $2-$3 billion in "structural" cost reductions by 2026 to enhance efficiency.
"Chevron is taking measures to streamline our organization, enhance execution, and ensure long-term competitiveness," said Vice Chairman Mark Nelson.
"We acknowledge the impact on our employees and will provide support during this transition," Nelson added. "These actions are necessary to enhance Chevron's sustainability for our employees, shareholders, and communities."