Chevron Cuts: Streamlining for Future Success

Chevron, a Houston-based oil giant, plans to lay off 15-20% of its global workforce to cut costs by USD 2-3 billion by the end of next year. The company aims to enhance efficiency and competitiveness by optimizing operations and expanding technology use. The layoffs are set to begin this year.

Chevron, the Houston-based oil powerhouse, has announced plans to reduce its global workforce by 15 to 20 percent, translating to approximately USD 2-3 billion in structural cost savings by the end of next year.

The company, which employs over 40,000 people worldwide, is undertaking these measures to streamline operations and enhance long-term competitiveness. A spokesperson highlighted that Chevron's strategy includes optimizing its portfolio, leveraging cutting-edge technology, and expanding its global work centers.

While these decisions are difficult, Chevron promises to support employees throughout the transition, emphasizing that responsible leadership involves tough choices for sustainable success among stakeholders. The layoffs will commence this year, with completion expected by 2026.

(With inputs from agencies.)