Chevron has announced plans to downsize its global workforce by 15% to 20% in the upcoming year, potentially impacting 9,000 employees, as part of a cost-cutting strategy. As of the close of 2023, the company boasted a global headcount of 46,500 employees. By 2026, Chevron aims to trim "structural" costs by a substantial $2 billion to $3 billion, aiming to enhance operational efficiency. Vice Chairman Mark Nelson emphasized that the company would streamline its organizational structure, bolster execution efficiency, and provide comprehensive support to employees affected by these changes.
