Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce, people familiar with the matter said.
The No. 2 U.S. oil producer has begun taking steps to streamline its organization this year to reduce costs and revive declining profits. Oil companies have posted huge losses on asset writedowns and slashed spending as economic downturns caused by the COVID-19 pandemic undercut fuel demand.
The company took a $1 billion charge to earnings earlier this year to cover severance pay for employees affected by the restructuring. Workers not chosen for new assignments would lose their jobs. In Houston, about 700 employees will lose jobs starting Oct. 23, according to a notice Chevron sent to the state of Texas. Employees will receive enhanced severance benefits and two-months to leave the company, the letter said. Most of the people not chosen for new posts will depart by the end of the year, a spokeswoman said.
“Some areas like the Middle East or like Colorado where we don’t have much of an operating footprint, it’s unlikely there’s significant changes there in the near term,” Wirth said. “We’re working through the details on that.”
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