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Chevron said it would slash up to a fifth of its global workforce by the end of 2026 as part to a cost-cutting drive designed to simplify the oil major’s business and boost growth.
Vice-chair Mark Nelson said the changes would involve optimising the $280bn group’s vast portfolio, utilising technology to enhance productivity, and changing how and where work is performed.
“We expect these actions to result in workforce reductions of 15 to 20 per cent, beginning in 2025 with most complete before the end of 2026,” Nelson said.
The cost-cutting was flagged up in November, when Chevron said it would target $2bn-$3bn in targeted “structural” cost savings from asset sales, the use of new technology and workflow changes.
The group had about 46,000 employees, including those who work at petrol stations, at the end of 2023, according to its annual report.
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