Chevron layoffs to impact 15 to 20 percent of global workforce

[Spartan]

Chevron plans to lay off 15% to 20% of its global workforce, according to multiple reports. The planned layoffs are part of a $3 billion plan to cut costs said Reuters, citing a “source familiar with the matter.”

According to Barron’s, the layoffs are simply a cost-cutting initiative and are not a sign of broader problems at Chevron.

[futureofandhra]

This is Big 

But why 

Drill baby drill annadu thatha 

[Hitman]

8 minutes ago, futureofandhra said:

This is Big 

But why 

Drill baby drill annadu thatha 

No one wants to drill more than what market absorbs. They are now maintaining discipline in this matter. In the past, they would drill more and more just for the sake of market share, they dont mind product price coming down, they would bankrupt and resurrect next day using the free money flow. This is no longer works...Banks has no free hand to lend Jaffa companies managed by Jaffa's. 

[pandugadu999]

already San Ramon office teesi 10gad , houston lo hiring stop chesi, banglore lo office opened..malla laysoffs enduku loude gadu..oil n gas companies made lot of money..

[NaniVuncle]

40 minutes ago, Spartan said:

Chevron plans to lay off 15% to 20% of its global workforce, according to multiple reports. The planned layoffs are part of a $3 billion plan to cut costs said Reuters, citing a “source familiar with the matter.”

According to Barron’s, the layoffs are simply a cost-cutting initiative and are not a sign of broader problems at Chevron.

Today town hall announced, 15-20% cuts. Reason - 2B investment in Bangalore ENGINE. 

[Hitman]

25 minutes ago, pandugadu999 said:

already San Ramon office teesi 10gad , houston lo hiring stop chesi, banglore lo office opened..malla laysoffs enduku loude gadu..oil n gas companies made lot of money..

Future situation is bleak.  If there is any improvement in EV market share , Middle east will pump the product at cheaper price to bring back the ICE cars, that will hurt American oil companies which needs 65+ to breakeven. otherwise BK. 

[Anta Assamey]

[RPGPulka]

1 hour ago, Spartan said:

Chevron plans to lay off 15% to 20% of its global workforce, according to multiple reports. The planned layoffs are part of a $3 billion plan to cut costs said Reuters, citing a “source familiar with the matter.”

According to Barron’s, the layoffs are simply a cost-cutting initiative and are not a sign of broader problems at Chevron.

Chase lo 20% layoff in dallas

[Moon_Walker]

49 minutes ago, RPGPulka said:

Chase lo 20% layoff in dallas

Dallas potta batta uncles emi kaavali ee shock tho

[citizenofIND]

1 hour ago, futureofandhra said:

This is Big 

But why 

Drill baby drill annadu thatha 

In this govt, they will save how much they can, Part of it. Small service based companies make good money

[summer27]

[pakeer_saab]

1 hour ago, Moon_Walker said:

Dallas potta batta uncles emi kaavali ee shock tho

Dallas lo Chevron endi nee bonda, Dallas office is a small one probably for retail 

[Spartan]

Chevron (CVX.N) will lay off 15% to 20% of its global workforce by the end of 2026, the U.S. oil company said on Wednesday as it seeks to cut costs, simplify its business, and complete a major acquisition.

The No. 2 U.S. oil producer has faced production challenges including cost overruns and delays in a large Kazakhstan oilfield project.

Meanwhile, its $53-billion deal to acquire oil producer Hess and gain a foothold in Guyana's lucrative oilfield is in limbo due to a court battle with larger rival Exxon Mobil, which has outperformed it with production growth, achieving record production in Guyana and the biggest oilfield in the United States.

 

Chevron has said it is targeting up to $3 billion in cost cuts through 2026 from leveraging technology, asset sales and changing how and where work is performed.

At the end of 2023, Chevron employed 40,212 people across its operations. A layoff of 20% of total employees would be about 8,000 people. Those figures exclude another roughly 5,400 employees of Chevron service stations.

Weak margins in the production of gasoline and diesel also hurt Chevron's fourth quarter earnings, as its refining business posted a loss for the first time since 2020, raising pressure on CEO Mike Wirth.

[Moon_Walker]

16 minutes ago, pakeer_saab said:

Dallas lo Chevron endi nee bonda, Dallas office is a small one probably for retail 

I am quoting phulkas thread. So control before u reply.

[Chittoorodu]

2 hours ago, RPGPulka said:

Chase lo 20% layoff in dallas

Is this new & confirmed?