Chevron’s reduction reported to the Texas Workforce Commission on July 21 represents more than a third of the Hess Corp. headcount.
Chevron is cutting the Hess Corp. workforce by more than one-third following the close of its $53 billion acquisition of the firm, according to information provided to the Texas Workforce Commission (TWC).
Chevron said it plans to cut 575 jobs at the Hess office at 1501 McKinney St. in Houston, according to the July 21 letter filed with the agency under the Worker Adjustment and Retraining Notification (WARN) Act.
Hess employed 1,585 people in the U.S. and 212 abroad at the end of 2024, the company reported in an annual filing with the U.S. Securities and Exchange Commission.
The reduction “is a result of the strategic integration of Hess Corporation and Chevron Corporation to position our combined organizations for stronger long-term competitiveness,” according to the letter written by Julie Williams, general manager for state government affairs at Chevron.
This round of layoffs is scheduled to begin Sept. 26.
“We deeply value the contributions of our employees, and we are offering resources and benefits to impacted employees, including severance pay, cash to defray the cost of health coverage and company-paid transition services,” Williams wrote to the TWC.
This summer, Chevron confirmed 200 layoffs in the Permian Basin, which became effective July 15. In February, the supermajor said it would lay off up to 20% of its global workforce by the end of 2026.
Chevron announced its $53 billion plan to acquire Hess in October 2023. It was one of the early blockbuster deals that heralded a consolidation trend throughout 2024 that has reshaped the upstream landscape.
But closing the deal was stymied by Exxon Mobil’s fight for Hess’ coveted 30% stake in the Stabroek Block offshore Guyana. Exxon operates the Stabroek Block with a 45% ownership stake. The firm had argued it possessed a right-of-first refusal on Hess’ stake, which would preclude the asset from joining Chevron’s portfolio.
But it was announced on July 18 that the International Chamber of Commerce had rejected Exxon’s argument, clearing a path for Chevron to close its deal with Hess, which the supermajor did later the same day.
“Your company news doesn’t just get published – it’s seen by the decision makers who matter.”
