Energy company Chevron Corp. expects to lay off approximately 15% to 20% of its global workforce, the Houston-based company recently announced. The staff reductions will begin in 2025, and the company expects to complete them before the end of 2026, it said.
“Chevron is taking action to simplify our organizational structure, execute faster and more effectively and position the company for stronger long-term competitiveness,” a company spokesperson told CSP. “This work includes optimizing the portfolio, leveraging technology to enhance productivity and changing how and where work is performed, including the expanded use of global centers. We believe changes to the organizational structure will improve standardization, centralization, efficiency and results, unlocking new growth potential and helping Chevron drive industry-leading performance now and into the future.”
“These reductions are in line with the previous announcement of $2 billion to $3 billion in targeted structural cost reductions by the end of 2026, with some residual impact in 2027 and beyond,” the spokesperson added.
At the end of 2023, Chevron employed more than 40,200 people across its operations, according to a Reuters report. A layoff of 20% of total employees would involve approximately 8,000 people, the report said.
Not expected to be affected by the layoffs are another approximately 5,400 people employed at Chevron-supplied retail gas stations and convenience stores. Chevron does not directly own the gas stations that carry its brand. Also not expected to be affected is Pleasanton, California-based ExtraMile Convenience Stores LLC, a joint venture between Chevron and c-store retailer Jacksons Food Stores, Meridian, Idaho. ExtraMile has more than 1,100 locations offering Chevron- and Texaco-branded fuel.
ExtraMile Convenience Stores is No. 8 on CSP’s 2025 Top 40 Update to the 2024 Top 202 ranking of U.S. c-store chains by store count. Jacksons Food Stores is No. 28. Watch for the full 2025 Top 202 ranking in the June issue of CSP magazine and in CSP Daily News.
“We do not take these actions lightly and will support our employees through the transition. But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities,” said the spokesperson.
Chevron will cut 600 of the jobs in San Ramon, California, where it was previously based, according to a report by SiliconValley.com. It moved its headquarters to Texas in August 2024.
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