United States Oil Giant, Chevron has announced a major global downsizing move that would see 6,750 staff lose their jobs.
The massive job cuts is expected to affect 15% of its global workforce in its ongoing efforts to restructure it’s operations.
According to Chevron spokesperson, Veronica Flores-Paniagua, the move is necessary for the oil giant to achieve its projected activity levels.
The company also announced a 30% reduction in projected spending for 2020 due to a drop in demand for oil and gas caused by the COVID-19 pandemic.
Chevron has a reputation for financial disclipline in the oil industry and was one of the first to cut its spending budget as oil prices fell.
“The about 4,500 to 6,750 job cuts envisioned are to “address current market conditions,” with varying impact on each business unit and region. Most reductions will take place this year. “This is a difficult decision and we do not take it lightly.”Veronica said.