The energy giant is headquartered in Houston but it’s unclear how many, if any, of the layoffs will happen here.
HOUSTON — Major cuts appear to be coming for a huge Houston business.
Chevron announced it’s planning to cut 15% to 20% of its workforce between now and the end of next year.
The energy giant, which is headquartered in Houston, employs more than 40,000 people around the world, meaning cuts would be in the thousands.
It’s unclear how many, if any, of the layoffs would be in Houston where about 7,000 employees work, including about 6,000 working in its downtown offices on Louisiana Street.
Chevron relocated from California to Texas in 2024.
In the fourth quarter of 2024, Chevron reported earnings of $3.2 billion, according to a release from the company.
A Chevron spokesperson sent KHOU 11 News this statement:
“Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness. This work includes optimizing the portfolio, leveraging technology to enhance productivity, and changing how and where work is performed, including the expanded use of global centers. We believe changes to the organizational structure will improve standardization, centralization, efficiency and results, unlocking new growth potential and helping Chevron drive industry-leading performance now and into the future.
“We expect these actions to result in workforce reductions of 15 to 20 percent, beginning in 2025 with most complete before the end of 2026. These reductions are in line with our previous announcement of $2 to $3 billion in targeted structural cost reductions by the end of 2026, with some residual impact in 2027 and beyond. We do not take these actions lightly and will support our employees through the transition. But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.”
