Chevron, the second-largest U.S. oil and natural gas company after ExxonMobil, told employees on Wednesday that it would lay off 15% to 20% of its workforce over the next two years. About 6,000 to 8,000 of Chevron’s global employees will be impacted.
The layoffs contribute to Chevron’s larger goal of cutting costs by up to $3 billion before the end of 2026, per Barron’s. At the end of 2023, Chevron employed about 46,000 people worldwide, including 40,212 people across its operations and 5,400 people at service stations. The layoffs will only affect employees in operations, per Reuters, and impact employees across the world including in the U.S. where over half
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