Chevron will slash up to 20% of its workforce as part of cost-cutting plan
Chevron will lay off 15% to 20% of its global workforce, the U.S. oil company said on Wednesday during an internal employee townhall meeting, according to a source familiar with the matter.
Chevron (CVX 1.07%) is a leading global oil and gas producer. Last year, the energy giant produced a record 3.3 million barrels of oil equivalent ( BOE ) per day.
CVX ramps up the $48 billion Tengiz oilfield expansion in Kazakhstan, marking a significant milestone by enhancing production.
Chevron's oil and gas reserves have fallen to the lowest point in at least a decade, highlighting the importance of the U.S. major's planned acquisition of oil producer Hess that has stalled due to a court battle with Exxon Mobil.
Chevron has continued to pay a strong and increasing dividend funded by FCF. The company has a number of exciting growth projects coming online to drive returns. Investors who invest today and hold on for the next several years will be well rewarded.
Some companies really treat their investors well. They pay lucrative dividends that they routinely raise.
Chevron (CVX 0.47%) has been a fantastic income stock over the years . The oil giant recently extended its dividend growth streak to 38 straight years.
Chevron is speeding up its expansion of Kazakhstan's Tengiz oilfield, two sources familiar with the plans told Reuters, raising its output to around 1% of global crude supply.
CVX is in a fix as the Trump administration reconsiders its license in Venezuela. The oil giant is navigating sanctions and political pressure.
Exxon Mobil, Chevron, BP and Vista Energy have been highlighted in this Industry Outlook article.
CVX's upstream production growth continues to be a bright spot, particularly in the Permian Basin.