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The majority of the job reductions would take place at the company’s Midcontinent campus, near Midland, Texas.
Chevron (CVX) stock drew retail chatter after the company announced plans to lay off 800 employees in Texas.
According to a filing at the Texas Workforce Commission, Chevron notified the layoff date as July 15. Most of the job reductions would occur at the company’s Midcontinent campus, near Midland, Texas.
The layoffs are part of the company’s earlier plans to trim up to 20% of its workforce to reduce costs.
“Chevron is taking action to simplify our operating model, execute work faster and more effectively,” the company said to Bloomberg.
The oil and gas major added that it would offer affected employees severance benefits and job seekers’ support..
The Permian Basin region in Texas contributes the bulk of the company’s total production, with output approaching 1 million barrels per day in the prolific basin.
In March, the company said it would lay off 600 workers in California, effective June 1.
Wednesday’s notice follows the suspension of the company’s oil export license in Venezuela. However, President Donald Trump’s administration has allowed Chevron to retain its assets and perform maintenance work.
The company is also battling arbitration with Exxon over Hess Corp’s lucrative Guyana assets.
Retail sentiment on Stocktwits was in the ‘neutral’ (51/100), while retail chatter was ‘low.’
“Markets keep selling off the oil sector, this sector has been pretty weak for the last 2- 4+ weeks,” one retail trader said.
Chevron stock has fallen 6.5% year to date (YTD).
Oil prices have remained under pressure this year amid concerns over the global economy and OPEC+ oversupply.
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