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Chevron to Slash 6,000-7,000 More Jobs

by Elizabeth Alford on November 2, 2015

Chevron announces plan for drastic cutbacks to cope with the prolonged downturn.

Related:Energy Giants Announce More Layoffs

Chevron Corp, one of the world’s largest oil companies, announced last week it will cut between 6,000 and 7,000 total jobs across the globe as part of the company’s overall plan deal with the downturn. A company spokesperson confirmed that an equal number of contractors will be let go in order to reduce costs. Chevron is also aggressively selling off assets, which will likely mean more lost jobs.

CEO John Watson said “We are completing the projects we’ve got and working to preserve the options we have on some of the nice opportunities. We do have to live within our means here.”

For the third quarter of 2015, Chevron posted a net income of $2 billion with profits declining 64 percent over last year. The company’s downstream earnings remained strong, but lower overall earnings reflected weaker market prices for both crude oil and natural gas, which depressed upstream profitability.
“We expect capital and exploratory expenditures for 2016 to be $25-28 billion, roughly 25 percent lower than this year’s budget. We are focused on improving results by changing outcomes within our control.”

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