Chevron workers worldwide are asked to reapply for jobs under the company’s restructuring program aimed to cut workforce by 15%, Reuters reported, citing people familiar with the matter. Chevron has initiated steps to streamline business in 2020 to cut costs and prevent profits from falling further. CEO Michael Wirth said workers who are not chosen for jobs would be notified within weeks. However, he did not disclose how layoffs would be decided and how many workers asked to reapply for jobs.
Earlier this year, Chevron took a $1 billion charge to cover severance payment for affected workers under the restructuring program. Staff who are not chosen for new positions will lose their jobs. Chevron has notified the state of Texas, that it would cut about 700 employees in Houston starting from October 23. According to the letter, employees will have two months to leave the company and receive severance benefits. A company spokesperson said most of the workers who are not assigned to the new post would leave by the end of 2020.
The decision on employees of Noble Energy, which was recently acquired by Chevron, will be made in several weeks, Wirth said. Oil majors have taken hits from the COVID-19 pandemic. BP and Shell have announced to cut about 10,000 and 9,000 of their global workforces, respectively.
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Published on October 8, 2020 9:54 AM (GMT+8)Last Updated on October 8, 2020 9:54 AM (GMT+8)
