The second-largest oil producer in the United States, Chevron, will reduce its global workforce by 10% to 15% as part of a restructuring process underway at the company. The oil company, which had 48,000 employees by the end of December, expects to decrease its staff to "match projected activity levels," spokeswoman Veronica Flores-Paniagua confirmed.
According to the spokeswoman, the planned cut, which results in 5,000 to 7,000 jobs, aims to "meet current market conditions", with varying impacts on each business and each region. Most of the cuts will take place later this year.
Amid the sharp drop in oil prices, affected by reduced demand because of the coronavirus pandemic, the company had already announced a 30% reduction in its budget for this year.