Chevron (CVX, Financial) announced Monday that it will reorganize its Oil, Products, and Gas Organization into two separate segments as part of a broader effort to streamline operations and cut costs.
The new structure will divide operations into Upstream and Downstream, Midstream & Chemicals, with Mark Nelson, the current executive vice president of the Oil, Products & Gas unit, leading the newly formed segments.
This move follows Chevron's earlier announcement that it will lay off 15% to 20% of its global workforce by the end of 2026 as it works to simplify its business and integrate a major acquisition. Additionally, Chevron's technical center will be reorganized, with Ryder Booth set to take over as vice president of the unit, effective July 1.
"Our new organizational structure and leadership appointments are designed to improve our operational efficiency and position Chevron for sustained growth," said CEO Mike Wirth in a statement.
