Chevron Plans 200 Layoffs in Permian Basin
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Chevron Corp. plans to lay off 200 employees in the Permian Basin, less than the 800 previously reported by the Texas Workforce Commission, the company said May 29.
The commission “mistakenly” reported the higher number on its website, Chevron said in an emailed statement, adding that it has alerted the commission to the error.
The commission didn’t immediately respond to a request for comment made outside normal business hours.
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Chevron is undergoing one of the biggest restructurings in its modern history and announced plans to reduce its global workforce by as much as 20%, or 9,000 people, by the end of 2026. CEO Mike Wirth is looking to reduce structural costs by $3 billion, making the company more efficient and better able to withstand low oil prices.
Chevron’s Permian production has grown rapidly in recent years and is on course to reach 1 million barrels of oil equivalent a day in the coming months, which would make up nearly a third of the company’s global output. Wirth has said he expects the operation to plateau in the latter half of the 2020s as the company focuses on reduced spending and higher free cash flow.
“Chevron aims to place as many employees as possible in other roles and is offering severance pay and transition assistance to those impacted,” the company said.
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