Chevron's $1.035 Billion Trading Day Amidst Permian Basin Layoffs

On May 29, 2025, Chevron (CVX) saw a trading volume of $1.035 billion, ranking 68th in the day's stock market activity. The company's stock price increased by 1.39%.

Chevron has announced significant workforce reductions in the Permian Basin, Texas. The company plans to lay off nearly 800 employees, with the majority of these job cuts occurring in Midland County. The layoff date is set for July 15, 2025. This move is part of Chevron's global effort to reduce costs by up to $3 billion by 2026. The job cuts are expected to impact Chevron's largest oil-production operation in the Permian Basin, which is the top U.S. oilfield. This decision comes as part of Chevron's broader strategy to streamline operations and enhance efficiency in response to market conditions and cost pressures.