Chevron (CVX.US) stated that it plans to reduce local and regional business units in favor of a more centralized model to improve performance, aiming to cut costs by up to $3 billion by 2026.
Vice Chairman Nelson mentioned that one offshore department will be responsible for operations in the U.S. Gulf of Mexico, Nigeria, Angola, and the Eastern Mediterranean, while shale assets in Texas, Colorado, and Argentina will also be centralized

Chevron stated that it plans to reduce local and regional business units in favor of a more centralized model to improve performance, aiming to cut costs by up to $3 billion by 2026. Vice Chairman Nelson mentioned that a single offshore department will be responsible for operations in the U.S. Gulf of Mexico, Nigeria, Angola, and the Eastern Mediterranean, while shale assets in Texas, Colorado, and Argentina will also be centralized

Chevron will reduce regional business units to cut costs