Exclusive: Chevron sees up to 15% reduction in positions - memo

By Shariq Khan and Ron Bousso (Reuters) - Chevron Corp expects a 10% to 15% reduction in positions across the company as part of a restructuring at the second-largest U.S.

Reuters May 28, 2020 00:05:18 IST
Exclusive: Chevron sees up to 15% reduction in positions - memo

Exclusive Chevron sees up to 15 reduction in positions  memo

By Shariq Khan and Ron Bousso

(Reuters) - Chevron Corp expects a 10% to 15% reduction in positions across the company as part of a restructuring at the second-largest U.S. oil producer that started late last year, according to an internal memo seen by Reuters.

Most of the reductions will take place this year, the memo said.

Chevron did not immediately respond to a request for comment.

The oil producer has announced spending cuts to cope with an unprecedented fall in oil prices and a slump in demand due to the COVID-19 pandemic.

In March, Chevron began offering severance payments to its U.S. oil exploration and production employees if they chose to leave the company.

It had launched a major cost-cutting overhaul of its organization last year that has already pared the number of business units.

As of Dec. 31, Chevron had 48,200 employees, with about 53% based in the United States.

(Reporting by Shariq Khan in Bengaluru and Ron Bousso in London; Editing by Sriraj Kalluvila)

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