Chevron to cut nearly 800 jobs in Texas Permian basin
by Kevin Crowley, Bloomberg
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas
(Bloomberg) — Chevron Corp. plans to lay off nearly 800 employees in the Permian basin, its biggest oil-production operation globally.
The bulk of the reductions will come from Chevron’s Midcontinent campus on the outskirts of Midland, Texas, the company said in a filing with the Texas Workforce Commission. The filing listed the layoff date as July 15, 2025.
“Chevron is taking action to simplify our operating model, execute work faster and more effectively,” the company said in a statement. “This is a difficult decision, and we do not make it lightly.”
Chevron is undergoing one of the biggest restructurings in its modern history and announced plans to reduce its global workforce by as much as 20%, or 9,000 people, by the end of 2026. Chief Executive Officer Mike Wirth is looking to reduce structural costs by $3 billion, making the company more efficient and better able to withstand low oil prices.
Chevron’s Permian production has grown rapidly in recent years, and is on course to reach 1 million barrels of oil equivalent a day (boed) in the coming months, which would make up nearly a third of the company’s global output. Wirth has said he expects the operation to plateau in the latter half of the 2020s as the company focuses on reduced spending and higher free cash flow.
“We understand the impact this news may have on our employees, their families and the communities where we operate,” Chevron said. It is offering severance benefits and job seekers’ support to affected employees, it said.
by Kevin Crowley, Bloomberg
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas