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Chevron said that by the end of 2026 it would decrease to one fifth of its global labor in terms of cost reducing costs for simplifying oil mayor's business and increasing growth.
Vice -President Mark Nelson said that changes would include the optimization of the huge portfolio of $ 280 billion, the use of technology to increase productivity and change how and where the work is done.
“We expect these events to lead to a reduction in labor by 15 to 20 percent, starting from 2025 with the most complete before the end of 2026,” Nelson said.
Plans to reduce deep cost Chevron Come despite the challenge of President Donald Trump for producers to “practice, child, drill” and generate more oil A boom that could push energy prices.
The plans were signaled in November, when Chevron said it would focus on $ 2 billion-$ 3 billion on targeted “structural” savings in asset sales, technology use, and working process changes. He monitors the transfer of the company's headquarters last month from San Ramon, California to Houston, Texas.
At the end of 2023, Chevron had about 46,000 employees, including those working at petrol stations, according to his annual report.
The reduction of the workforce follows the disappointment by disappointing the results in the fourth quarter of the last month, while the weak margins stretch in their refinery. The group reported a modified profit of $ 2.06 per share, which was under estimates of Wall Street of $ 2.11.
“I will not call it the perfect storm, but it was a quarter where there were many things that everything went in one direction, and it was a negative direction,” said CEO Mike Wirth to call results.
Paul Sankey, an oil analyst, said that the steep cuts of Chevron in the number of employees were a surprise, but reflected the “proactive step” of society, rather than a “crisis action”. Chevron had no longer to grow oil production because he accelerated two major expansion in the Permian pelvis in the US and Tengiz, Kazakhstan, he said.
Sankey said Chevron was also banking growth from $ 53 billion, an American oil company with Guyana operations. Exxon has An arbitration initiateddelay in conclusion of the agreement.
Chevron's shares dropped by 1.5 %after the announcement on Wednesday.
Analysts said the oil industry adjusted the bumper in 2022 and 2023 after the Russian invasion of Ukraine led to prices.
In 2025 and in 2026 in 2026, they are now moderating with the Brent prize prize for a raw game for an average of $ 74 per barrel and $ 66 per barrel, from $ 81 per barrel, last year. according to to the US energy information administration.
Exxonmobil, the largest western oil company, repeated its goal last month to reach $ 18 billion cumulative savings until the end of 2030 compared to 2019.
