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Chevron to Lay Off 10-15% Staff

Gasoil News - Published on Thu, 28 May 2020

Image Source: Chevron
Chevron Corporation has provided an overview of the company’s work to respond to the COVID-19 pandemic at its 2020 virtual annual meeting of stockholders. Chevron’s chairman and CEO Michael Wirth said “Chevron is responding to these unprecedented challenges by making changes to what we can control.”

Spokeswoman Veronica Flores-Paniagua confirmed to Reuters that Chevron, which has 45,000 employees, expects to remove about 10% to 15% of its global staff to match projected activity levels. She said “About 4,500 to 6,750 job cuts envisioned are to address current market conditions, with varying impact on each business unit and region. Most reductions will take place this year. This is a difficult decision and we do not take it lightly.”

The oil producer previously disclosed a 30% reduction in its 2020 spending and some voluntary job cuts amid this year’s sharp drop in oil prices and lower demand for oil and gas due to the COVID-19 pandemic.

Chevron has been widely seen as the standard bearer of financial discipline in the oil industry and was among the first to make significant budget cuts as oil demand plummeted. Last year, it abandoned a takeover bid for Anadarko Petroleum Corp rather than get into a bidding war with Occidental Petroleum Corp. Chevron pocketed a USD 1 billion break fee while Occidental has faced investor wrath for its ill-timed deal.

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Posted By : Yogender Pancholi on Thu, 28 May 2020
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