Chevron Axes 575 Positions After Hess Acquisition
ByAinvest
Friday, Jul 25, 2025 3:02 pm ET1min read
CVX--
The layoffs come on the heels of Chevron's $55 billion acquisition of Hess, which was completed on July 18 [1]. The integration process is expected to take a few months, with Chevron's CEO Mike Wirth stating that combining technology and employees from both companies will require time [3].
Chevron has emphasized the difficulty of these decisions and the impact they may have on employees and their communities. The company is offering severance benefits and outplacement support to affected employees [1][2]. The layoffs are part of a broader effort to streamline operations and cut costs in response to shifting market conditions.
The merger brings together over two centuries of industry experience, positioning the merged entity to meet global demand for energy. Chevron's Chairman and CEO Mike Wirth noted that the combination enhances and extends the company's growth profile well into the next decade, driving greater long-term value to shareholders [1].
References:
[1] https://www.rigzone.com/news/chevron_to_cut_positions_as_part_of_hess_integration-25-jul-2025-181273-article/
[2] https://www.click2houston.com/news/local/2025/07/24/difficult-decisions-chevron-to-layoff-more-than-500-employees-in-houston-due/
[3] https://hr.economictimes.indiatimes.com/amp/news/industry/chevron-cuts-575-jobs-in-houston-after-closing-hess-acquisition-filing-reveals/122885530
Chevron has cut 575 jobs in the Houston area following the completion of its $55bn acquisition of Hess. Affected Hess employees were given the option to request severance packages. The layoffs are expected to take effect on September 26. Chevron CEO Mike Wirth stated that combining technology and employees from both companies will take a few months. The merger brings together over two centuries of industry experience, positioning the merged entity to meet global demand for energy.
Chevron has announced significant workforce reductions in Houston, as part of its ongoing integration with Hess Corporation. According to a notice provided under the federal Worker Adjustment and Retraining Notification (WARN) Act, Chevron plans to lay off approximately 575 employees in the Houston area, effective September 26 [1][3].The layoffs come on the heels of Chevron's $55 billion acquisition of Hess, which was completed on July 18 [1]. The integration process is expected to take a few months, with Chevron's CEO Mike Wirth stating that combining technology and employees from both companies will require time [3].
Chevron has emphasized the difficulty of these decisions and the impact they may have on employees and their communities. The company is offering severance benefits and outplacement support to affected employees [1][2]. The layoffs are part of a broader effort to streamline operations and cut costs in response to shifting market conditions.
The merger brings together over two centuries of industry experience, positioning the merged entity to meet global demand for energy. Chevron's Chairman and CEO Mike Wirth noted that the combination enhances and extends the company's growth profile well into the next decade, driving greater long-term value to shareholders [1].
References:
[1] https://www.rigzone.com/news/chevron_to_cut_positions_as_part_of_hess_integration-25-jul-2025-181273-article/
[2] https://www.click2houston.com/news/local/2025/07/24/difficult-decisions-chevron-to-layoff-more-than-500-employees-in-houston-due/
[3] https://hr.economictimes.indiatimes.com/amp/news/industry/chevron-cuts-575-jobs-in-houston-after-closing-hess-acquisition-filing-reveals/122885530
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