Chevron Chairman and CEO Mike Wirth will provide the latest details on the possible $53 billion merger with Hess in “Mornings with Maria.”
Chevron is trying to cut its personnel for a significant amount of money.
The energy giant said, “To simplify the organizational structure, 15% to 20% of workers will be fired. [execute] Chevron Vice Chairman Mark Nelson said in a statement Wednesday.
According to the latest annual report, Chevron's global footprint at the end of 2023 consisted of over 40,200 non-service station employees and nearly 5,400 service station workers.
(Jonathan Raa/Nur Photo via Getty Images)
Nelson said the company will end “most” of its layoffs that begin this year before the end of 2026.
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“We do not underestimate these actions and support our employees through the transition. However, responsible leadership will improve our long-term competitiveness for our people, shareholders and communities. We need to take these steps to do so.”
According to Nelson, the energy giant is aiming to reduce structural costs by increasing by $2-3 billion before 2027 through layoffs and other actions.
Chevron petrol stations in Los Angeles (Mario Tama/Getty Images/File)
CFO Eimear Bonner said in November that Chevron aimed to achieve that level of savings when the company released its third quarter financial results. She has shown that the company will provide updates on its efforts “until 2025.”
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According to a statement from Nelson, the energy giant is “to leverage technology to optimize its portfolio, increase productivity, and change the way and where it performs work, including the expanded use of the Global Center.”
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| CVX | Chevron Corp. | 154.93 | -2.49 |
-1.58% |
He said that changes to the organizational structure Chevron is making will “improve standardization, centralization, efficiency and results, unlock new growth possibilities and help Chevron leads the industry today and the future. “He said.
(Reuters/Mike Blake/File)
The news comes from nearly two weeks when the energy giant revealed its fourth quarter revenue.
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Chevron generated gross revenues of $52.2 billion and net profits of nearly $3.24 billion in the fourth quarter. Overall in 2024, the company had revenue of $17.666 billion with $2027.9 billion, with two of the latter figures down 17.35% year-on-year.
The company's global net oil equivalent production increased 7% year-on-year.
CEO Mike Worth last month said the company “is in its strong position today and is a short-term catalyst that is expected to drive the company to even better performance in 2025 and 2026.”
