Chevron, the energy giant headquartered in Houston, announced plans to lay off 15% to 20% of its workforce by the end of next year. The announcement, made on February 13, 2025, indicates potential job cuts affecting thousands of employees globally, although it remains uncertain how many of these layoffs will occur in Houston, where approximately 7,000 employees are based.
- Chevron plans 15% to 20% workforce cuts.
- Major layoffs may affect thousands globally.
- Uncertainty about Houston layoffs remains.
- Chevron employs around 7,000 in Houston.
- Company reported $3.2 billion earnings.
- Chevron relocated from California to Texas.
Chevron’s announcement comes as the company seeks to streamline operations amid changing market conditions. With a global workforce exceeding 40,000, the layoffs could result in a significant reduction in staff numbers. The company reported earnings of $3.2 billion in the fourth quarter of 2024, indicating a profitable year despite the impending cuts.
Key details regarding the layoffs include:
- Workforce reduction target: 15% to 20%
- Global workforce: over 40,000 employees
- Employees in Houston: approximately 7,000
Chevron relocated its headquarters from California to Texas in 2024, a move that has positioned it in a more favorable business environment. The company has not specified how many layoffs will occur in Houston, where a large portion of its workforce is concentrated in downtown offices. As the situation develops, stakeholders and employees await further details from Chevron regarding the specific impacts of these layoffs.
In summary, Chevron’s decision to cut its workforce by up to 20% reflects ongoing adjustments in the energy sector. While the exact impact on Houston remains uncertain, the potential for significant job losses underscores the challenges facing the industry.
