Chevron Flags Possible Job Cuts in $3 Billion Cost Plan
2024-11-02 10:40
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Wedoany.com Report-Nov 2, The $3 billion in targeted “structural” cost savings will come from asset sales, the use of new technology and workflow changes, Chief Executive Officer Mike Wirth said during an interview. Chevron recently opened up a $1 billion innovation hub in Bengaluru, India, which is hiring workers for engineering and digital services.
Also See: Chevron Beats Estimates on Higher Permian Basin Oil Production
“We’re going to change where and how we do some of our work,” Wirth said in response to a question about workforce reductions. “The center in India is an example of that. That does have implications on people because we’re changing how work is done and where work is done.”
In a follow-up interview, Wirth said it was “premature” to discuss specifics.
“Don’t read the intent of continuing to become more cost efficient, which is inherent in a commodity business and something you can never step away from, as only being about jobs,” he said. “It’s about much, much more than that. And jobs are a small part of the total.”
Follow full coverage of Chevron’s and Exxon’s earnings in our TOPLive blob here.
--With assistance from David Wethe.
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