New  Delhi, November 2: Chevron, the US-based oil giant, is reportedly planning layoffs as part of its cost-cutting strategy. Chevron's potential layoffs could impact many employees. Chevron recently opened a new Engineering and Innovation Excellence Center (ENGINE) centre in Bengaluru. Chevron ENGINE is said to play an important role in improving technology solutions for the company's current global operations. It focuses on creating new ideas and innovations to support a future with lower carbon energy.

As per a report of Bloomberg, Chevron is considering possible layoffs in the US as part of its USD 3 billion cost-cutting measures. Reports indicate that the planned USD 3 billion in targeted “structural” cost savings and is expected to come from selling assets, adopting new technology, and making changes to workflows. The approach might reduce expenses by streamlining processes and updating operations for efficient results. X Layoffs: Elon Musk-Run Platform Lays Off Its Employees Primarily Affecting Engineering Department; Check Details.

Additionally to the possibility of job cuts, Chevron Corp exceeded Wall Street's expectations for its profits in the third quarter. The success is said to be driven by an increase in oil and gas production. However, when compared to the same period last year, the overall earnings have decreased, according to a report of Business Standard. Chevron reportedly announced that it made a profit of USD 2.51 per share for the quarter. It was better than what analysts had predicted, which was USD 2.42 per share.

Reports show that oil industry profits have dropped this year due to lower oil prices and slower growth in fuel demand. In the quarter ending 30 September, oil futures were, on average, 17 per cent lower than in the previous quarter. Visa Layoffs: US-Based Credit Card Service Corporation Plans To Lay Off 1,400 Employees and Contracts To Streamline Its Global Operations.

Additionally, global fuel margins have been affected by slower demand growth and an oversupply in the market. According to multiple reports, Chevron’s oil production in the quarter reached 3.36 million barrels of oil equivalent per day. It reportedly marked a 7 per cent rise compared to the third quarter of 2023. The increase was due to record production levels in the Permian Basin.

(The above story first appeared on LatestLY on Nov 02, 2024 04:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).