The Strategist

Chevron to dismiss 15% of staff

10/08/2020 - 05:32

US oil and gas corporation Chevron plans to dismiss at least 15% of its employees amid the difficulties caused by the COVID-19 coronavirus pandemic.

Tate Nations via flickr
Tate Nations via flickr
According to Reuters’ sources, the company's management intends to restructure the organization. Chevron employees around the world have received recent hiring notices to reapply.

Within a few weeks, those of the current employees, in whose services the company is no longer interested, will receive a corresponding notification.

Reuters notes that Chevron has pledged nearly $ 1 billion in severance payments to employees who lose their jobs. In total, the cuts could affect 15% of Chevron's employees, which currently employs more than 47 thousand people.

Chevron, like most companies in this segment, is cutting costs due to a sharp drop in consumption during the pandemic and lower prices for hydrocarbons.

Chevron's second-quarter revenue was $ 13.49 billion, down from $ 36.32 billion in the same period in 2019. The company suffered losses in the amount of $ 8.3 billion, although a profit of $ 4.3 billion was recorded for the same period last year.