Chevron Expects $1.5 Billion Charges for Fourth Quarter Amid Job Cuts and Restructuring Plans

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.