Chevron Corp. is cutting 655 positions in Houston as part of the company’s previously announced plan to reduce its upstream workforce by 4,000 in 2016, Chevron spokesperson Cam Van Ast confirmed in an email to Rigzone.
“In light of the current market environment, Chevron continues to take action by revising organizational structures, increasing efficiencies and reducing expenses,” the email stated.
The layoffs are expected to begin June 13. Impacted employees will receive a minimum of six weeks transition pay as well as severance benefits and career transition services.
In a 4Q 2015 earnings call, Chevron CEO John Watson said the company was down 3,200 employees between the end of 2014 to the end of 2015.
“We're pretty thoughtful about the way we do this sort of work to make sure that we keep the right people in our organization for the longer term, but the reality is activity is likely to be lower,” Watson stated in the call.
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