Michael Wirth on Chevron, oil
Houston-based Chevron Corp. (NYSE: CVX) says it is laying more than 200 employees in Texas as it is preparing to cut up to 20% of its global workforce by the end of the end of 2026.
Chevron informed the Texas Workforce Commission that layoffs would include 185 people at its Deauville Boulevard location, 14 at its North FM 1788 location and seven more at its South County Road location.
The layoffs are scheduled to happen on July 15.
CHEVRON LAYING OFF UP TO 20% OF WORKFORCE
Chevron plans to lay off 200 employees in Texas as part of a global workforce reduction of up to 20% by 2026, affecting multiple locations in Midland. (Sharon Steinmann/Bloomberg via Getty Images / Getty Images)
Chevron announced in February that company-wide cuts could range from 6,750 to 9,000 employees as there are 40,200 non-service station employees and nearly 5,400 service station workers, according to its most recent annual report.
The energy giant will lay off 15% to 20% of its workers in a bid to “simplify our organizational structure, [execute] faster and more efficiently, and position the company for stronger long-term competitiveness,” Chevron Corp. Vice Chair Mark Nelson said in a statement.
Chevron CEO Mike Wirth gives the keynote address as top energy executives and ministers meet in Houston for the annual Gastech conference in Houston, Texas, on Sept. 17, 2024. (Reuters/Callaghan O’Hare / Reuters)
CHEVRON ENDS VENEZUELA CONTRACTS, BUT WILL KEEP STAFF IN COUNTRY: REPORT
Chevron has come under pressure since it terminated oil production, service and procurement contracts it had to operate in Venezuela, delegating its joint-venture governance to its partner, state company PDVSA, but it plans to retain its direct staff in the country, four sources close to the decisions told Reuters.
Chevron is laying off about 200 Texas employees as part of a global reduction of up to 9,000 workers by 2026. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
The State and Treasury departments had given companies such as Chevron, Maurel & Prom and Repsol until May 27 to receive cargoes of Venezuelan crude oil, fuel and byproducts as authorizations granted by the Biden administration were revoked amid the Trump administration’s tougher stance toward Venezuela, which the U.S. government has sanctioned.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Chevron’s license to operate in Venezuela ended on Tuesday, though sources told Reuters that Chevron has received guidance from the Trump administration that will allow it to preserve its stakes, assets and staff in Venezuela.
Fox News Business’ Aislinn Murphy contributed to this report.
