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Investing.com -- Chevron (NYSE:CVX) told employees on Wednesday that it is planning to lay off between 15% and 20% of its workforce, which is approximately 6,000 to 8,000, as reported by Barron’s. The company’s Vice Chairman, Mark Nelson, confirmed this in an interview, stating that the layoffs are part of a broader cost-cutting initiative and not indicative of any wider issues within the company.
Nelson emphasized that the layoffs are about the company’s ongoing efforts to improve and position itself to accelerate cash generation, a topic he said has been discussed over the past few years. The layoffs will occur globally across all of the company’s major divisions.
Simultaneously, Chevron has been increasing returns to its shareholders. It has been escalating dividends and share buybacks. Over the past two years, Chevron has repurchased $30 billion of its own shares, reducing its share count by around 10%. The company has also consistently raised its dividend, and the stock currently has a dividend yield of 4.4%.
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