Chevron Corp. (NYSE: CVX) plans to cut about 950 of its roughly 8,000 employees in Houston, a spokeswoman for the company told the Contra Costa Times.
The job reductions are part of Chevron’s push to reduce costs by $1 billion following a 56 percent plunge in crude oil prices over the past two years. The San Ramon, California-based company will also cut 500 jobs at its headquarters, 50 international jobs and 600 contractor jobs, the Times reports. About 270 of the cuts are vacant posts that Chevron won’t fill.
The job cuts are expected to be complete by November, according to the Times.
In late 2013, Chevron put the brakes on plans to build a 50-story office tower in downtown Houston. But in March, Chevron confirmed it is still planning to construct the new tower— as soon as next year.
Chevron owns and occupies the 1500 Louisiana St. and 1400 Smith St. towers that made up the former Enron Corp. complex. The planned third tower would be adjacent at 1600 Louisiana St. Last year, the company also bought about 100 acres near Katy for future development.
Published by Jahna Berry on bizjournals.com