Chevron Looking To Cut 15-20% Of Workforce: Reports

SAN RAMON, CA — Chevron plans to lay off between 15 and 20% of its workforce by the end of 2026, according to reports. That would mean around 8,000 employees, according to Reuters.

“Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness," Chevron Vice Chairman Mark Nelson said in a statement. "We do not take these actions lightly and will support our employees through the transition."
Nelson said that the cuts are intended to save the company between $2-3 billion, according to reports.

America’s second largest oil company began moving its San Ramon headquarters to Houston in 2024, likely due in large part to California suing Chevron and other oil companies for allegedly misleading the public on the risks posed by fossil fuels.

Chevron had been in the Bay Area since it started as Pacific Coast Oil Company in 1879 in San Francisco. In 2001, it moved its headquarters to the 92-acre, 1.4-million-square-foot Chevron Park in San Ramon. In September 2022, Chevron sold Chevron Park, and moved its headquarters to a 400,000-square-foot office in Bishop Ranch.

It expects the move to take place in phases over the span of five years.

Chevron has run into problems since the move, including declining revenues, cost overruns, delays, and a lengthy court battle with rival Exxon.