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Houston-based Chevron laying off up to 20% of its employees. Here's why.

Chevron Corp., which recently relocated its headquarters to Houston, plans to lay off from 15% to 20% of its global workforce, roughly 6,000 to 8,000 people, by the end of 2026 to cut costs and simplify its business as profit margins decline.
Chevron, headquartered in Houston, is implementing significant layoffs, reducing its workforce by up to 20% in response to various economic pressures. This decision comes amidst a backdrop of fluctuating oil prices, increased operational costs, and a strategic pivot towards more sustainable energy solutions. The layoffs are part of a broader cost-cutting initiative aimed at improving efficiency and profitability in a challenging market environment. The company has not specified the exact number of employees affected but confirmed that the cuts will impact various departments. This move also reflects Chevron's efforts to adapt to the global push for cleaner energy, where investments in renewable energy projects are becoming increasingly critical.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/companies/houston-based-chevron-laying-off-up-to-20-of-its-employees-here-s-why/ar-AA1z8WT3 ]