Chevron Corp. will cut nearly 800 employees in the Permian basin, its biggest oil-producing field in the world.
The majority of the layoffs will be at Chevron's Midcontinent campus just outside Midland, Texas, the company stated in a Texas Workforce Commission filing. The date of layoff included on the filing was July 15, 2025.
Chevron is moving toward streamlining our way of operating, to get work done more quickly and better," the company said. "It is a painful decision, and we do not make it lightly.".
Chevron is undertaking one of the biggest restructurings in its recent history and announced it will reduce as much as 20% of its worldwide staff, or 9,000 people, by 2026.
Chief Executive Mike Wirth is aiming to reduce structural costs by 3 billion dollars, making the company leaner and more competitive on low oil prices.
Chevron's Permian crude oil production has grown exponentially in recent times and is going to reach 1 million barrels of oil equivalent a day (boed) in the next several months, which would represent nearly a third of Chevron's overall global production. Wirth said he expects the operation to plateau in the latter half of the 2020s as the company aims for reduced spending and more free cash flow.
We understand the impact this news can have on our workers, their families and communities in which we have a presence," Chevron added. It is offering severance packages and resume help to affected employees, it added.