Chevron's Fiscal Overhaul: $1.5 Billion in Fourth-Quarter Charges

Chevron plans to take up to $1.5 billion in fourth-quarter charges due to restructuring. This involves job cuts, asset impairments, and property sale costs. The firm aims for a $3 billion cost reduction by 2026 amid acquisition trends. 2025 project spending will be reduced by $2 billion.

Chevron, the U.S. oil giant, announced on Thursday that it will incur up to $1.5 billion in fourth-quarter charges related to restructuring, asset impairments, and property sale expenses.

The corporation is set to undergo job cuts and relocations over the next two years but did not specify the number of affected positions out of its 45,000 workers. These measures come amidst a prolonged profit downturn that has forced the company to borrow for shareholder payouts.

Chevron's strategy includes a $3 billion cost reduction through 2026, partly by lowering project spending and capital commitments, including abandoning large expenditures in Kazakhstan and scaling down U.S. shale operations.

(With inputs from agencies.)