Chevron flags possible U.S. job cuts in $3 billion cost cutting

Chevron Corp. indicated potential US job cuts as part of a new cost-cutting plan.

The $3 billion in targeted “structural” cost savings will come from asset sales, the use of new technology and workflow changes, Chief Executive Officer Mike Wirth said during an interview. Chevron recently opened up a $1 billion innovation hub in Bengaluru, India, which is hiring workers for engineering and digital services.

“We’re going to change where and how we do some of our work,” Wirth said in response to a question about workforce reductions. “The center in India is an example of that. That does have implications on people because we’re changing how work is done and where work is done.”