Chevron will cut up to 9,000 jobs, aiming to save $2–$3 billion by 2026. After relocating to Houston, it seeks to streamline operations for competitiveness.Job cuts add pressure to an industry still 10% below pre-pandemic levels. ExxonMobil cut 17% of its workforce since 2019 while boosting production.
CEO Mike Wirth prioritizes cash flow over new spending, with future growth tied to Chevron’s $53 billion Hess acquisition.By 12:46 p.m. in New York, Chevron’s stock had declined by 0.75%, a smaller drop compared to the 1.5% decrease seen in the S&P 500 Energy Index.
In response to the workforce reduction, a company spokesperson emphasized Chevron’s commitment to supporting affected employees during this transition. “We do not take these actions lightly and will provide assistance to our employees as they navigate this change,” the spokesperson stated.
“However, responsible leadership requires making difficult decisions to enhance the company’s long-term competitiveness, ensuring stability and growth for our workforce, shareholders, and the communities we serve.”
