SAN FRANCISCO — Oil giant Chevron declares it is cutting its global workforce by 15% to 20% by next year.
Chevron declares the layoffs are necessary to reduce costs and raise profits.
About 9,000 employees around the world could be impacted, but it’s unclear how many would be in the Bay Area.
Exterior view of a Chevron gas station near ChevronTexaco headquarters in San Ramon, Calif., Monday, April 4, 2005.
AP Photo/Paul Sakuma
This comes after the company announced in December “structural cost reductions.”
“These reductions are in line with our previous announcement of $2 to $3 billion in tarreceiveed structural cost reductions by the conclude of 2026, with some residual impact in 2027 and beyond,” Chevron stated in a statement to ABC7 News on Wednesday.
The company stated it’s attempting to simplify its “organizational structure, execute rapider and more effectively, and position the company for stronger long-term competitiveness.”
Chevron announced in August 2024, it would relocate its headquarters from San Ramon to Houston, Texas.
As of 2023, Chevron had 45, 511 employees worldwide with about 7,000 employees working in the Houston area and approximately 2,000 employees in San Ramon, the company stated before the shift.
The company stated, “We do not take these actions lightly and will support our employees through the transition.”
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