Chevron Announces Major Workforce Reductions by 2026

Chevron has announced plans to cut 15% to 20% of its workforce by the end of 2026 as part of a cost-cutting strategy aimed at saving $2 to $3 billion. These layoffs, impacting up to 9,100 employees, are part of efforts to streamline operations and enhance long-term competitiveness. The company, which employed over 45,000 people at the end of 2023, is also involved in a court battle with Exxon Mobil over its planned acquisition of Hess. Chevron's restructuring comes amid challenges such as cost overruns in Kazakhstan and expectations of weakening oil prices. In addition to the workforce reduction, Chevron plans to leverage technology, optimize its portfolio, and adjust its organizational structure. Despite these cuts, Chevron has committed to supporting its employees through the transition.