Reuters reveals Chevron workers face demands to reapply for jobs under global restructuring

Reuters exclusively reported that Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce. The No. 2 U.S. oil producer has begun taking steps to streamline its organization this year to reduce costs and revive declining profits. Oil companies have posted huge losses on asset writedowns and slashed spending as economic downturns caused by the COVID-19 pandemic undercut fuel demand.