Chevron Stock Surges 1.24% with $1.255 Billion Trading Volume Ranking 51st Amid Major Workforce Cuts

On June 3, 2025, Chevron (CVX) saw a 1.24% increase in its stock price, marking two consecutive days of gains with a total increase of 2.08% over the past two days. The trading volume for the day was $1.255 billion, placing it 51st in the daily stock market rankings.

Chevron Corporation, a leading U.S. oil and gas company, has announced significant workforce reductions as part of its global strategy. The company plans to lay off nearly 200 workers in Texas, with the layoffs scheduled to take effect on July 15, 2025. This move is part of a broader plan to reduce its global workforce by up to 20% by the end of 2026. The layoffs in Texas will affect 185 employees at the Deauville Boulevard site, 14 at North FM 1788, and seven at the South County Road site.

Chevron's decision to reduce its workforce is aimed at streamlining operations, accelerating broader plans, and enhancing decision-making efficiency. This strategy is expected to help the company reduce costs and improve its long-term competitiveness. The company currently employs around 40,200 non-service station employees and 5,400 service station employees.

Chevron has also faced challenges in Venezuela, where it was forced to terminate its operations due to the revocation of a crucial license by President Donald Trump. The company has handed over the governance of its joint venture to the state-owned company, PDVSA. Additionally, Chevron's $53 billion acquisition of Hess Corp. and its assets in Guyana faces uncertainty due to arbitration disputes filed by ExxonMobil and China’s CNOOC. These disputes center around the right of first refusal to Hess’ Guyana assets, which include the oil-rich Starbroek block.