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

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.

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