Chevron to lay off up to 20% employees globally

HOUSTON: Houston-based oil giant Chevron will lay off 15 per cent to 20 per cent of its global workforce, aiming to cut USD 2-3 billion in structural costs by the end of next year. The energy giant employs more than 40,000 people globally.

Chevron is streamlining operations to boost efficiency and long-term competitiveness. This includes optimising its portfolio, leveraging technology, and expanding global work centres, a company spokesperson said.

"These decisions aren't taken lightly, and we'll support employees through the transition," the spokesperson said, adding that "...responsible leadership means making tough choices to ensure long-term success for our people, shareholders, and communities."

Chevron, the second-largest US oil company, moved its headquarters from San Ramon, California, to Houston last year, though it maintains a strong presence in San Ramon.

The layoffs will begin this year and should be mostly completed by 2026.