Oil-Giant Chevron Eyes Possible Layoffs In US As Part Of Its $3 Billion Cost Cutting Measures

Date

11/1/2024 9:00:40 AM

(MENAFN- Live Mint) (Bloomberg) -- Chevron Corp. indicated potential US job cuts as part of a new cost-cutting plan.

The $3 billion in targeted“structural” cost savings will come from asset sales, the use of new technology and workflow changes, Chief Executive Officer Mike Wirth said during an interview. Chevron recently opened up a $1 billion innovation hub in Bengaluru , India, which is hiring workers for engineering and digital services.

Also Read | Oil Surges on Report Iran Is Planning Fresh Attack on Israel

“We're going to change where and how we do some of our work,” Wirth said in response to a question about workforce reductions.“The center in India is an example of that. That does have implications on people because we're changing how work is done and where work is done.”

Follow full coverage of Chevron's and Exxon's earnings in our TOPLive blob here.

--With assistance from David Wethe.

More stories like this are available on bloomberg

MENAFN01112024007365015876ID1108841598

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.