Roo Reynolds
The firm employs roughly 40 thousand people, indicating it plans to eliminate as many as 8 thousand positions. The layoffs are part of Chevron's strategy to lower expenses and streamline the organization's framework. The management anticipates that reducing staff will contribute to saving $3 billion by 2026.
Toward the end of last year, Chevron announced it would reduce capital expenditure in 2025 for the first time since 2021. Similar to other oil and gas firms, Chevron's profits have been decreasing lately due to reduced energy demand and a related decline in energy prices. Moreover, the firm has indicated increased expenses and setbacks in initiating its projects in Kazakhstan.
A significant agreement regarding Chevron's acquisition of the American shale oil company Hess for $53 billion has halted. It establishes an offshore oil field in Guyana - it is among the largest oil fields found in recent times. Exxon, which is engaged in the project in Guyana, is contesting this agreement in court.
source: bloomberg.com
Toward the end of last year, Chevron announced it would reduce capital expenditure in 2025 for the first time since 2021. Similar to other oil and gas firms, Chevron's profits have been decreasing lately due to reduced energy demand and a related decline in energy prices. Moreover, the firm has indicated increased expenses and setbacks in initiating its projects in Kazakhstan.
A significant agreement regarding Chevron's acquisition of the American shale oil company Hess for $53 billion has halted. It establishes an offshore oil field in Guyana - it is among the largest oil fields found in recent times. Exxon, which is engaged in the project in Guyana, is contesting this agreement in court.
source: bloomberg.com
