Plummeting prices and oversupply have sent the oil and gas market into the red.
The WTI Crude index dipped below $45 a barrel last week — a four-year low.
Reuters has reported that Chevron is offering buyouts to certain employees in order to cut costs. Sources say they are looking to trim workers from their U.S. oil exploration and production workforce.
This comes on top of cuts Chevron confirmed would impact 300-plus workers in its shale production in Pennsylvania.
Chevron’s 2019 workforce was about 48,000, but it was down 7,000 from three years ago; 53% of its workers are in the U.S.