Chevron cutting 1,500 jobs to help cut costs by $1B

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Energy giant Chevron will eliminate about 1,500 job positions in an effort to cut costs, the company said in a statement Tuesday.

Related: Weatherford increases job cuts to 11,000 for the year

The cuts, which will take place across 24 business groups in its corporate center, will result in cost reductions of about $1 billion.


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“In light of the current market environment, Chevron is taking action to reduce internal costs in multiple operating units and the corporate center,” Chevron said, in the statement. “These initiatives, which are currently underway, are focused on increasing efficiency, reducing costs and focusing on work that directly supports business priorities.”

Related: Where to find opportunity in energy slump: Pros

Of the announced cuts, about 270 are existing vacant positions that will not be filled; the company also plans to eliminate an additional 600 contracting positions as well.

Chevron shares were little-changed in after-hours trading. It and Exxon Mobil are both slated to report quarterly earnings Friday morning.

www.cnbc.com


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1 Comment on "Chevron cutting 1,500 jobs to help cut costs by $1B"

  1. DILAWAR HUSSAIN | August 11, 2015 at 2:39 am | Reply

    Dear sir I work in Kurdistan slb I have about 8 year experience of BHA, drill pipe ‘and lifting inspector pls give me one chance in your respected company thanks

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