Overview

• The Texas Workforce Commission initially reported 800 Midland layoffs in error before Chevron corrected the figure to about 200, set for July 15.
• A separate notice indicates 600 workers in California will lose jobs by June 1 as part of the same restructuring.
• The job reductions are steps toward Chevron’s February commitment to shrink its global workforce by up to 20% by the end of 2026 to reduce costs and simplify operations.
• Chevron has faced operational setbacks including the revocation of its Venezuelan production license and a legal impasse over its $53 billion Hess Corp acquisition related to Guyana’s Stabroek block.
• The cuts follow a first-quarter profit of $3.5 billion, down $2 billion from a year earlier, highlighting pressure on margins in a volatile market.