Chevron Corp sees up to 15% reduction in positions amid Covid-19 crisis

Most of the reductions will take place this year, according to an internal memo said.

Chevron Corp expects a 10% to 15% reduction in positions across the company as part of a restructuring at the second-largest U.S. oil producer that started late last year, according to an internal memo seen by Reuters.

Most of the reductions will take place this year, the memo said.

Chevron did not immediately respond to a request for comment.

The oil producer has announced spending cuts to cope with an unprecedented fall in oil prices and a slump in demand due to the Covid-19 pandemic.

In March, Chevron began offering severance payments to its US oil exploration and production employees if they chose to leave the company.

It had launched a major cost-cutting overhaul of its organization last year that has already pared the number of business units.

As of Dec. 31, Chevron had 48,200 employees, with about 53% based in the United States.