A Fourth Estate® Service

Tuesday, January 19, 2021

Chevron Will Lay Off 25,000 Employees

US oil juggernaut Chevron announced on Tuesday afternoon will lay off about 25 percent of Noble Energy’s employees who joined the company after its $1.1 billion purchase of the smaller rival a couple of weeks ago.

US oil juggernaut Chevron announced on Tuesday afternoon will lay off about 25 percent of Noble Energy’s employees who joined the company after its $1.1 billion purchase of the smaller rival a couple of weeks ago.

In a statement, Chevron said it is taking this decision after a collapse in crude oil prices has forced most oil and gas producers to drastically cut costs by laying off thousands of employees and cutting down on drilling. 

The company also said that for most of its competitors in the market, consolidation with larger players at low or no premiums is becoming the only option to survive.

The job cuts, which are on top of the company’s plan to reduce 10 percent to 15 percent of its own workforce, come after the oil giant promised to lower its operating expenses by $1 billion this year to cope with the downturn. 

Chevron’s 10 percent to 15 percent cuts would imply a reduction of between 4,500 and 6,750 jobs, while job cuts at Noble will reduce the total workforce by roughly another 570 positions.

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