Source: OilPrice.com
“Chevron Corp. has announced that it will lay off 15-20% of its global workforce and reorganize its business structure. The U.S. oil and gas major announced that it will consolidate its Oil, Products & Gas segment into Upstream and Downstream, Midstream & Chemicals segment, and be led by Mark Nelson, the current executive vice president of the Oil, Products & Gas unit. … The mass layoffs are part of the company’s efforts to cut costs. Last month, Chevron announced that it’s well positioned to grow its free cash flow by $6 billion to $8 billion by 2026, and lower expenses by ‘a couple billion dollars.’ America’s second-largest oil and gas company expects to achieve these results thanks to the start of new or expanded oil production projects in Kazakhstan, growth in U.S. shale and offshore U.S. Gulf of Mexico.” (02/24/25)
https://oilprice.com/Latest-Energy-News/World-News/Chevron-To-Lay-Off-20-Of-Global-Workforce.html