(KRON) — Chevron plans to put off 15% to twenty% of its international workforce, KRON4 has confirmed. The job cuts are a part of a plan to scale back the corporate’s general structural prices by $2 to $3 billion by the tip of subsequent yr.
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“Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness. This work includes optimizing the portfolio, leveraging technology to enhance productivity, and changing how and where work is performed, including the expanded use of global centers,” a Chevron spokesperson mentioned.
“We do not take these actions lightly and will support our employees through the transition,” a spokesperson mentioned. “But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.”
Chevron, which is the second-largest oil firm within the U.S., was previously headquartered at Bishop Ranch in San Ramon. Whereas the corporate nonetheless maintains a big presence in San Ramon, it formally relocated its HQ to Houston, Texas final yr.
The job cuts are anticipated to start this yr and be largely full by the tip of 2026, in keeping with Chevron.
