Chevron to Cut Up to 20% of Workforce in Cost-Saving Overhaul

The oil giant plans to reduce up to 9,100 jobs by 2026, aiming to save $3 billion and streamline operations after relocating its headquarters to Houston.

Chevron announced plans to reduce its global workforce by 15% to 20%, impacting up to 9,100 employees, with most layoffs expected to be completed by the end of 2026.
The company aims to cut $2 billion to $3 billion in costs by simplifying its organizational structure, leveraging technology, and centralizing operations, including expanding its use of global centers like one in India.
The layoffs follow Chevron's relocation of its corporate headquarters from California to Houston in 2024, though the company has not specified how many Houston or California employees will be affected.
Chevron's $53 billion acquisition of Hess is currently delayed due to a legal challenge from Exxon Mobil, while the company faces production challenges and declining oil reserves.
Despite record oil production in 2024, Chevron's profits have declined, with fourth-quarter losses in its refining business and a 17% drop in annual net income compared to 2023.

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