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The company aims to reduce costs to ride out the worst crude-price crash in a generation. Among other big oil companies, BP Plc is reducing senior management roles ahead of a further announcement in June, while Royal Dutch Shell Plc is offering voluntary redundancies. Exxon Mobil Corp. has said it intends to cut operating costs by 15%, not including layoffs.<\/p>\n
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Chevron\u2019s cuts equate to about 6,000 of its 45,000 non-gas station employees. It\u2019s \u201cstreamlining our organizational structures to reflect the efficiencies and match projected activity levels,\u201d the San Ramon, California-based company said Wednesday in a statement. \u201cThis is a difficult decision, and we do not make it lightly.\u201d<\/p>\n
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Chevron plans to strip $1 billion of operating expenses this year in addition to slashing capital spending by almost a third. Even before the pandemic, Chief Executive Officer Mike Wirth was leading a cost-cutting drive.<\/p>\n
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Job reductions will be \u201cacross the board but heavy on the corporate functions and the support functions,\u201d Chief Financial Officer Pierre Breber said in a May 1 interview. But field workers may also be affected because lower oil prices mean \u201clower activity levels,\u201d he said.<\/p>\n
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(c) Copyright Thomson Reuters 2019.<\/em><\/p>\n gCaptain<\/p>\n","protected":false},"excerpt":{"rendered":" The company aims to reduce costs to ride out the worst crude-price crash in a generation. Among other big oil companies, BP Plc is reducing senior management roles ahead of a further announcement in June, while Royal Dutch Shell Plc is offering voluntary redundancies. Exxon Mobil Corp. has said it intends to cut operating costs …<\/p>\n","protected":false},"author":1,"featured_media":10571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[3760,3290,5339,4937],"class_list":["post-10570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marine-world","tag-chevron","tag-cut","tag-planning","tag-workforce"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/10570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=10570"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/10570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/10571"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=10570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=10570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=10570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}