California, February 13: Chevron, a US-based energy company, will reportedly reduce up to 20% of its global workforce by the end of 2026 to cut costs and simplify its business. The company will also complete a major acquisition. Chevron layoffs were announced by the company's vice chair, Mark Nelson, who said that with the move, the organisation structure would be faster and more efficient and position the company to a stronger competitiveness. 

According to the reports, petroleum refineries company Chevron had around 40,200 non-service station employees and 5,400 service station workers in its global workforce by the end of 2023. In its latest bid to save the cost, Chevron vice chair Mark Nelson said that the job cuts would be completed before the end of 2026. He said the company would support those affected by the Chevron layoffs in their transition. BP Layoffs: British Petroleum Company To Lay Off Around 4,700 Employees, 3,000 Contractors To Save Costs, Rebuild Investors’ Confident in Energy Stock.

Nelson said that the actions taken by Chevron related to the workforce reduction were not easy but the responsible leadership was required to take the action to ensure long-term competitiveness of the company and its stakeholders including employees, shareholders and communities. 

The Chevron layoffs were announced this year after BP layoffs were announced in January 2025, aimed at reducing around 4,700 from the company. US-based petroleum company, through this action of reducing headcount, aims to save USD 2 to 3 billion before 2027. The company shared its fourth quarter for 2024, in which it posted USD 3.2 billion in earnings compared to the USD 2.3 billion earnings for the same period in 2023. In the third quarter, it posted USD 4.5 billion compared to USD 6.5 billion in the previous year. Bell Canada Layoffs: Telecom Giant Cut 1,200 Jobs Amid ‘Unprecedented Challenges’ in Industry.

Mark Nelson said that the organisational changes would improve the company's standardisation, centralisation, efficiency and results. He added it would unlock new growth potentials and help the company thrive with industry-leading performance for now and the future. Overall, the Chevron layoffs were introduced to save costs, improve the company's efficiency, and place it among the top performers in the petroleum refineries (energy) industry.

(The above story first appeared on LatestLY on Feb 13, 2025 12:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).