Why Chevron dismisses 20% of its workforce – Better Baton Rouge Business Report

In an attempt to reduce costs and raise profits, oil and gas giant Chevron plans to reduce its global workforce by 15% to 20% by the end of the year, Reports BloombergS

The company hired 46,500 people at the end of 2023, which means that the cuts can affect up to 9,000 employees. The company has recently moved its headquarters from California to Houston, Texas, and targets $ 2 billion to $ 3 billion in structural costs to next year.

“Chevron takes action to simplify our organizational structure, performs faster and more efficiently, and positions the company for a stronger long-term competitiveness,” says Vice-President Mark Nelson in a statement published on Wednesday.

Chevron more than its competitor Exxon Mobil Corp. In the last three years, struggling to match the growth of the production of their rival, while the prices of the goods have gathered after the pandemic.

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