Chevron announced on Thursday that it expects up to $1.5 billion in fourth-quarter charges, including restructuring, asset impairments, and property sales costs. Most of these charges are related to planned job cuts and relocations over the next two years, although the company did not disclose the number of jobs affected. This move comes amid a year-long profit decline, leading to borrowing to cover shareholder payouts. Chevron aims to cut $3 billion in costs through 2026, with a $2 billion reduction in 2025 project spending.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Chevron announced on Thursday that it expects up to $1.5 billion in fourth quarter charges,
00:07including restructuring, asset impairments, and property sales costs.
00:12Most of these charges are related to planned job cuts and relocations over the next two years,
00:16though the company did not disclose the number of jobs affected. The move comes amid a year-long
00:21profit decline, leading to borrowing to cover shareholder payouts. Chevron aims to cut $3
00:26billion in costs through 2026, with a $2 billion reduction in 2025 project spending.
00:32For all things money, visit Benzinga.com slash GSTV.