Chevron cutting global workforce
Yahoo Finance is reporting that Chevron will by letting go nearly 9,000 employees globally, some 20% of its workforce by the end of 2026, with cuts hitting the company’s headquarters in Houston, Texas and in its offices in San Ramon, California.
According to the report, reductions in the workforce are being done by Chevron to streamline and simplify its organizational structure and to improve the work efficiencies amongst the company’s teams.
The announcement of the workforce reduction came after Chevron announced senior leadership changes as part of the company’s efforts to simplify its organizational structure, execute faster and more effectively, and be positioned for stronger long-term competitiveness.
The company’s Oil, Products & Gas organization will be consolidated into two segments: Upstream and Downstream, Midstream & Chemicals. Mark Nelson will continue to lead this organization as vice chairman and executive vice president, Oil, Products & Gas.
The Upstream organizational model will drive value through greater standardization across Shale & Tight, Base Assets & Emerging Countries, Offshore, Eurasia and Australia.
Clay Neff, currently president, International Exploration and Production, has been named president, Upstream, effective July 1, 2025.
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Bruce Niemeyer, currently president, Americas Exploration and Production, has been named president, Shale & Tight, effective July 1, 2025.
The Downstream, Midstream & Chemicals organization will center around key work processes, including Operations, Commercial, Customer and Enterprise Value Chain Optimization.
Andy Walz will continue to lead this organization as president, Downstream, Midstream & Chemicals.
Chevron’s technical center will be organized to drive value in Technology, Projects & Execution.
Ryder Booth, currently vice-president, Mid-Continent Business Unit, has been named vice president, Technology, Projects & Execution, effective July 1, 2025. He is replacing Balaji Krishnamurthy, currently vice-president, Chevron Technical Center, who has been named president, Australia, effective April 1, 2025.
“Our new organizational structure and leadership appointments are designed to improve our operational efficiency and position Chevron for sustained growth,” said Mike Wirth, Chevron’s chairman and chief executive officer. “These changes will help enable us to drive innovation and execution and deliver value for our shareholders.”
