Oil giant Chevron to lay off thousands in bid to cut up to 20% of global workforce

No 2 US oil firm aims for $3bn in cost cuts through 2026 and seeks to simplify business after production challenges

Chevron will lay off 15-20% of its global workforce by the end of 2026, the US oil company said on Wednesday as it seeks to cut costs, simplify its business and complete a major acquisition.

The No 2 US oil producer has faced production challenges including cost overruns and delays in a large Kazakhstan oilfield project. Its $53bn deal to acquire oil producer Hess and gain a foothold in Guyana’s lucrative oilfield is in limbo due to a court battle with its larger rival Exxon Mobil, which has more aggressively expanded its own production.

Topics

Chevron will slash up to 20% of its workforce as part of cost-cutting plan

The layoffs will begin this year with most of the cuts complete before the end of 2026.
CNBC - 1h
Chevron to Lay Off Up to 20% of Staff

The second-largest U.S. oil company may cut as many as 9,000 workers worldwide in an effort to cut costs.
The New York Times - 1h
Chevron to slash up to 20% of its workforce

US oil group announces cuts despite Donald Trump’s exhortation to ‘drill, baby, drill’
Financial Times - 2h
Chewy Promo Codes: $20 Off | February 2025

Explore Chewy coupon codes like $20 off your first order, free shipping, and more deals you won’t want to miss.
Wired - 15h
TurboTax Coupons: 20% Off | February 2025

Tax season doesn’t have to be stressful. Find TurboTax service codes and coupons right here on WIRED.
Wired - 15h
Fintech unicorn Zepz to lay off 20% of its global workforce, sources say

London-based fintech Zepz is laying off around 200 IT workers as part of a major redundancy plan, two employees impacted by the move told CNBC.
CNBC - 10h
The Papers: 'Trump wants UK tax cuts for tech giants' and 'hands off our ISAs'

A warning that axing ISAs could "trigger a mortgage crisis" is one of the stories on Saturday's fronts.
BBC News - 4d
Brooklyn Museum Will Lay Off Employees and Scale Back Exhibitions

The museum, which faces a projected $10 million deficit, said it planned to cut more than a tenth of its employees and mount fewer exhibitions.
The New York Times - 5d