Chevron to Cut Up to 20% of Jobs

Chevron plans to lay off 15% to 20% of its workforce as it aims to save up to $3 billion by the end of 2026. The job cuts will span “all of the company’s major divisions,” Barron’s reports. Chevron employs between 40,000 and 45,000 people worldwide, meaning up to 9,000 employees stand to be affected.

The company recorded a fourth-quarter loss in its fuel business, and its $53 billion acquisition of Hess is facing uncertainty amid arbitration with rival Exxon Mobil.

Here are some quick reactions from LinkedIn:

Chevron shares were trading more than 1% lower Wednesday. The stock is up about 7% this year.

The company missed Wall Street’s fourth-quarter earnings expectations, as its fuel business posted a loss of $248 million compared with a profit of $1.15 billion in prior year, as refining margins have fallen.

Its pending $53 billion acquisition of Hess Corp. is also tied up in arbitration with competitor Exxon Mobil, creating uncertainty about whether the deal will close.

Chevron is in the midst of relocating its corporate headquarters to Houston from San Ramon, California.

Everyday your story is being told by someone. Who is telling your story? Who are you telling your story to?

Email your sustainable story ideas, professional press releases or petro-powered podcast submissions to thecontentcreationstudios(AT)gmail(DOT)com.

#thecrudelife promotes a culture of inclusion and respect through interviews, content creation, live events and partnerships that educate, enrich, and empower people to create a positive social environment for all, regardless of age, race, religion, sexual orientation, or physical or intellectual ability.