“Chevron to Cut 9,000 Jobs – About 15-20% of Global Workforce Affected”

SAN FRANCISCO (KGO) — Oil giant Chevron says it is cutting its global workforce by 15% to 20% by next year.

Chevron says 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.

This comes after the company announced in December “structural cost reductions.”

“Chevron stated on Wednesday to ABC7 News that these reductions align with their previous announcement of $2 to $3 billion in targeted structural cost reductions by the end of 2026, carrying over some residual effects into 2027 and beyond.”

In an effort to simplify its organizational structure, enhance operational speed and efficiency, and position the company for improved long-term competitiveness, Chevron is implementing these changes.

Chevron announced in August 2024, it would relocate its headquarters from San Ramon to Houston, Texas.

Before these adjustments, Chevron had a global workforce of 45,511 employees in 2023, with around 7,000 employees based in Houston and approximately 2,000 in San Ramon.

The company said, “We do not take these actions lightly and will support our employees through the transition.”