June 1, 2020—Chevron Corp. is expected to cut 10 to 15 percent of its worldwide workforce as the demand for oil plummets during COVID-19, reports SmarterAnalyst.
The company has had a 30-percent reduction in its 2020 spending and voluntary job cuts with the plunge in oil prices and lower demand for oil and gas amid the pandemic.
Out of Chevron's total workforce worldwide, 4,500 to 6,750 workers are expected to be let go to "address current market conditions," according to the company, with different amounts of workers to be let go depending on the region. According to the report, Chevron currently has 45,000 non-gas station employees.
Amid this report, ExxonMobil said on Wednesday that it has not taken steps to reduce its workforce, although the company has already cut its spending by 30 percent as well.
The report does not note how it might specifically affect the quick lube segment of Chevron's workforce.