Overview

• Chevron will lay off 800 employees in Texas’s Permian Basin by July 15 and 600 in California by June 1 as part of its workforce reduction plan.
• In the first quarter, the company’s profit fell to $3.5 billion, down $2 billion from a year earlier, driving its target to shave 20% off global headcount by end-2026.
• Its $53 billion bid for Hess remains on hold after ExxonMobil invoked arbitration over Hess’s 30% stake in Guyana’s Stabroek block.
• Last year’s relocation of Chevron’s headquarters from San Ramon to Houston underpins its strategy to lower costs and boost operational efficiency.
• Chevron’s license to produce oil in Venezuela was revoked in March, barring new operations once its current waiver expires in June.