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Fortune
Fortune
Jason Ma

Chevron layoffs come as energy giant unlocks more crude with far fewer rigs in the heart of the U.S. oil patch

Chevron Oil United States Mike Wirth
(Credit: Jeenah Moon—Bloomberg/Getty Images)
  • U.S. oil major Chevron said it will lay off up to 20% of its global workforce amid efforts to trim $2 billion to $3 billion in costs. Meanwhile, the company is also pumping more oil as innovations in drilling and well completion boost efficiency.

You don’t have to “drill, baby, drill” to get more oil out of the ground—which is something Fortune 500 company Chevron and the overall U.S. energy sector have figured out over the years.

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