American Chevron cut up to 20% of employees by 2027

By Alimat Aliyeva

Chevron Corp, one of the largest U.S. oil companies, plans to reduce its global workforce by up to 20% as part of a cost-cutting program designed to simplify its business structure, improve efficiency, and enhance competitiveness.

The program involves optimizing the company's extensive asset portfolio, implementing new technologies to boost productivity, and adopting more streamlined approaches to work, according to Mark Nelson, deputy head of Chevron's Board of Directors.

"We expect these measures will result in a reduction of staff by 15-20%, beginning in 2025. Most of these changes will be completed by the end of 2026," he stated.

This move reflects Chevron’s strategy to adapt to the rapidly changing energy landscape, where companies are under increasing pressure to improve sustainability and reduce costs. As the energy transition accelerates, major oil firms like Chevron are focusing on operational efficiency and long-term profitability, while also exploring new areas of growth, including renewable energy and carbon capture technologies.

While job reductions are a difficult outcome, the restructuring could also create opportunities for innovation, particularly through the integration of digital technologies and automation to enhance oil exploration and production. Chevron’s efforts to embrace these changes might help it stay competitive in an industry facing both regulatory pressures and the shift toward cleaner energy sources.