Chevron trimming headcount by 15%-20% in layoffs

Core Viewpoint - Chevron is planning to lay off 15%-20% of its workforce to streamline operations and enhance long-term competitiveness [1][4] Group 1: Layoff Details - The layoffs will affect a significant portion of Chevron's workforce, which includes over 40,200 non-service station employees and nearly 5,400 service station workers [2] - Most layoffs are expected to be completed before the end of 2026 [3] Group 2: Financial Goals - Chevron aims to reduce structural costs by $2-$3 billion before 2027 through layoffs and other measures [4] - The company plans to provide updates on its cost-saving efforts through 2025 [5] Group 3: Operational Changes - Chevron is optimizing its portfolio and leveraging technology to enhance productivity, including the use of global centers [5] - The organizational changes are intended to improve standardization, centralization, efficiency, and results, unlocking new growth potential [5] Group 4: Recent Financial Performance - In the fourth quarter, Chevron generated $52.2 billion in total revenues and nearly$3.24 billion in net income, with a 17.35% year-over-year drop in net income for the entire year of 2024 [7] - The company's global net oil-equivalent production increased by 7% year over year [7] Group 5: Future Outlook - The CEO stated that Chevron is in a strong position with near-term catalysts expected to drive better performance in 2025 and 2026 [8]