Chevron announced that it would lay off 15% to 20% of its global workforce, impacting roughly 6,000 to 8,000 employees, as part of a strategy to reduce costs by $3 billion by 2026. The layoffs are aimed at simplifying the organizational structure and enhancing competitiveness amidst financial challenges, including the company's first loss in four years. Employees in operations will be primarily affected, with options for buyouts and severance packages being offered through internal communications.
Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness.
The layoffs will only affect employees in operations, impacting workers across the world including in the U.S. where over half ofChevron's workforce is based.
Chevron has reported its first loss in four years, with the company's downstream business losing $248 million in the fourth quarter.
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