Houston-based Chevron Corp., in a report to the Texas Workforce Commission May 16, said it plans to reduce its workforce on its campus in Midland this year by about 200 employees. Catie Matthews of Chevron told Midland Reporter Telegram, “Chevron aims to place as many employees as possible in other roles and is offering severance pay and transition assistance.” Layoffs are expected to occur by July 15.
Chevron said in February it plans to reduce its global workforce by 15 to 20 percent (6,750 to 9,000 individuals) by the end of 2026. The oil major is pursuing $3 billion in cost reductions to enhance operational efficiency and bolster its resilience against potential fluctuations in oil prices. Chevron employed 45,298 people worldwide at the end of 2024.
The company said, “Chevron is taking action to simply our operating model, execute work faster and more effectively. This is a difficult decision, and we do not make it lightly.”
Permian Basin has provided a primary part of Chevron’s production growth in recent years. Output is on track to reach one million barrels of oil equivalent per day in the coming months to account for nearly a third of the company’s total global production.