Chevron trimming headcount by 15%-20% in layoffs
Published On Feb 12, 2025, 5:53 PM
Chevron is planning significant layoffs, targeting a 15-20% reduction in its workforce to streamline its organizational structure and enhance long-term competitiveness. The move is part of a broader strategy to reduce structural costs by $2-$3 billion by 2027. The layoffs will affect a large portion of its 40,200 non-service station employees and are expected to be completed before the end of 2026. Despite these cuts, Chevron reported strong revenues and increased production, and aims for improved performance in the future.
Stock Forecasts
CVX
Positive
Chevron's layoffs and cost-cutting measures indicate a proactive approach to maintain competitiveness in a challenging industry. This could position Chevron for better profitability in the mid to long term as operational efficiencies are anticipated to yield savings.
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