Chevron trimming personnel increased by 15-20% in layoffs
Chevron Chairman and CEO Mike Wirth will provide the latest details on the possible $53 billion merger with Hess in “Mornings with Maria.”
Chevron is trying to cut its personnel in a significant amount.
Energy Titan Lays Off 15%-20% Among workers in the bid to “simplify the organizational structure, position the company to improve its long-term competitiveness,” Chevron Corporation vice-chair Mark Nelson said in a statement Wednesday.
According to the latest annual report, Chevron’s global footprint at the end of 2023 consisted of over 40,200 non-service station employees and nearly 5,400 service station workers.
(Jonathan Raa/Nur Photo via Getty Images)
Nelson said company “Most” of layoffs that begin this year before the end of 2026 will be “Most” finished.
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“We do not underestimate these actions and support our employees through the transition. However, responsible leadership will improve our long-term competitiveness for our people, shareholders and communities. We need to take these steps to do so.”
According to Nelson, the energy giant is aiming to reduce structural costs by increasing by $2-3 billion before 2027 through layoffs and other actions.
Chevron petrol stations in Los Angeles (Mario Tama/Getty Images/File)
CFO Eimear Bonner said in November that Chevron aimed to achieve that level of savings when the company released its third quarter financial results. She has shown that the company will provide updates on its efforts “until 2025.”
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According to a statement from Nelson, the energy giant is “to leverage technology to optimize its portfolio, increase productivity, and change the way and where it performs work, including the expanded use of the Global Center.”
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| CVX | Chevron Corp. | 154.93 | -2.49 |
-1.58% |
He said that changes to the organizational structure Chevron is making will “improve standardization, centralization, efficiency and results, unlock new growth possibilities and help Chevron leads the industry today and the future. “He said.
(Reuters/Mike Blake/File)
The news comes from nearly two weeks when the energy giant revealed its fourth quarter revenue.
Chevron generated gross revenues of $52.2 billion and net profits of nearly $3.24 billion in the fourth quarter. Overall in 2024, the company had revenues of $2027.9 billion and net profit of $17.666 billion, with two of the latter figures down 17.35% year-on-year.
Company Global Production equivalent to net oil This was an increase of 7% from the previous year.
CEO Mike Worth Last month, the company said “it has a short-term catalyst that is in its strong position today and is expected to lead the company to even better performance in 2025 and 2026.”