Chevron to lay off up to 20% of workforce

Oil giant Chevron, employing around 45,000 people, will lay off 15–20% of its workforce by the end of the year, according to Vice Chairman Mark Nelson.

Chevron is the second-most valuable energy company in the US—next to Exxon Mobil—with a $270 billion market cap. It intends to cut $2 billion to $3 billion in costs through 2026 and plans to restructure, leveraging technology and asset sales.

The American company has joined a growing list of major corporations, announcing job cuts since the beginning of 2025.

Over the last week, banking firm JPMorgan Chase, Facebook company Meta, cosmetics giant Estee Lauder and talent management platform Workday announced laying off thousands.

As oil prices dip, Britain’s BP also announced slashing 5% of its staff.