Chevron Corporation has released the following statement regarding a planned reduction to its workforce, which includes employees in the Houston area:
In light of the current market environment, Chevron is taking action to reduce internal costs in multiple operating units and the corporate center. These initiatives, which are currently underway, are focused on increasing efficiency, reducing costs and focusing on work that directly supports business priorities. Efforts in our corporate center are targeting cost reductions of approximately $1 billion. Additional cost savings are expected to be achieved across the enterprise.
In order to meet cost-reduction targets, there will be a reduction of approximately 1,500 employee positions across the 24 groups which comprise the corporate center. Of these, approximately 270 are existing vacant positions which will not be filled. Additionally, there will be a reduction of approximately 600 staff augmentation contractors from the 24 groups in the corporate center.
There will be approximately 950 position reductions in Houston, 500 position reductions in San Ramon and 50 position reductions internationally as a result of the cost reduction efforts at the corporate center.