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Chevron to terminate up to 15% of global workforce

28 May 2020 11:07

SAN RAMON - Chevron has announced it will lay off 10%-15% of its global workforce as part of its restructuring effort.

The termination aims to “address current market conditions”, Chevron spokeswoman Veronica Flores-Paniagua told Reuters on Wednesday (27/5). The oil producer currently employs 45,000 worldwide.

In an internal memo, Chevron Executive Vice President Joseph Geagea wrote that affected employees in the US will receive additional severance pay, a medical benefits subsidy, and education services.

Chevron previously announced a 20% cut in this year’s spending and voluntary job cuts as global oil prices fell sharply with declining demand due to the coronavirus (COVID-19) pandemic. (MS)

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