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Chevron will lay off 15% to 20% of its global workforce by the end of 2026, the U.S. oil company said on Wednesday as it seeks to cut costs, simplify its business, and complete a major acquisition. The No. 2 U.S. oil producer has faced production challenges including cost overruns and delays in a large Kazakhstan oilfield project. Its $53-billion deal to acquire oil producer Hess and gain a foothold in Guyana’s lucrative oilfield is in limbo due to a court battle with larger rival Exxon Mobil, which has more aggressively expanded its own production. Chevron also faces industry-wide weakness in the refining business and the expectation that oil prices could be under pressure over the next two years as global production growth outpaces demand. Chevron has said it is targeting up to $3 billion in cost cuts through 2026 from leveraging technology, asset sales and changing how and where work is performed. At the end of 2023, Chevron employed 40,212 people across its operations. A layoff of 20% of total employees would be about 8,000 people. Those figures exclude another roughly 5,400 employees of Chevron service stations. Shares of Chevron declined 1.3% in afternoon trading. The company told employees during an internal town hall that they can begin opting for buyouts now through April or May, according to a source familiar with the matter. The oil industry has been consolidating in recent years, focusing on mergers and operational efficiency more than drilling new wells. Chevron will reorganize its business and announce a new leadership structure in the next two weeks, the source said. Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness,” said Mark Nelson, vice chairman of Chevron, in a statement. “We do not take these actions lightly and will support our employees through the transition.” The company’s oil and gas reserves have declined to their lowest point in at least a decade, raising concerns about its long-term prospects and highlighting the importance of closing the Hess acquisition. Chevron moved its headquarters from San Ramon, California to Houston last year and replaced several long-standing managers to renew its leadership. Last year, it also announced a new hub in India that will be its largest tech center outside the United States. Scheyder and Sheila Dang in Houston, Reuters
Category:
E-Commerce
The New York Stock Exchange announced on Wednesday it will launch an exchange in Texas, increasing competition among listing venues in the state. Several high-profile firms, including Elon Musk’s Tesla and SpaceX, have relocated their headquarters to Texas, attracted by the state’s perceived favorable legal and regulatory environment. The Texas Stock Exchange, a new venture backed by financial giants including BlackRock, Citadel Securities and Charles Schwab, is targeting a 2026 launch after submitting paperwork late last month to operate as a national securities exchange. The New York Stock Exchange and the Nasdaq have dominated the lucrative U.S. listings market in a virtual duopoly since the 2000s. The TXSE would represent the first challenge to that dominance if it wins regulatory approval to begin trading and seeking new listings. NYSE Chicago will reincorporate in Texas and rebrand as NYSE Texas, providing companies with a new venue to list their securities, said the NYSE, which is part of the Intercontinental Exchange. “As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere,” NYSE Group President Lynn Martin said. A TXSE spokesperson did not comment directly on the NYSE plan. “We have known all along that Texas is the best place to do business,” the spokesperson said in a statement following the news. “The Texas Stock Exchange is harnessing this momentum to build a national securities exchange in our home state.” Nasdaq recently stepped up its presence in Texas, announcing a new regional focus for its listings business and naming Rachel Racz to head the segment focusing on Texas, Latin America and the southern United States. The NYSE’s initiative shows that a regional focus may not be enough of a competitive distinction that will allow the Texas Stock Exchange to challenge the two incumbents, said Owen Lau, a senior analyst at Oppenheimer & Co. “There may be something in Texas Exchange that is yet to be revealed, so it is still too early to gauge how it plays out. But so far, it doesn’t appear to dramatically change the listing/exchange landscape.” Both TXSE and NYSE Texas will be fully electronic equities exchanges headquartered in Dallas. Niket Nishant, Manya Saini, and Suzanne McGee, Reuters Laura Matthews contributed to this report.
Category:
E-Commerce
What if the Playboy Mansion was filled with OnlyFans content creators? Thats the pitch for the Bop House, a TikTok page that has gained nearly three million followers since its launch in December. Founded by Sophie Rain, 20, and Aishah Sofey, 22, the house is home to eight creators aged 19 to 24, who collectively boast over 33 million followers. Their TikTok presence leans into viral, algorithm-friendly content like flying private to the Super Bowl and reviewing popular cookie brand Crumbl. But their real revenue stream comes from OnlyFans. The Bop House claims to have generated $10 million in revenue in its first month. Its just like a little girl group that were all doing and we just want to uplift each other and help each other grow on TikTok, Rain told the Daily Mail. The house has its own website, with a profile of each girl directing to their various social media platforms. The name itself is a reference to Gen Z slang which stands for baddie on point, a term used to describe a person who uses their body to make money. The group has sparked controversy over the blurred line between their PG-rated TikTok presence and their adult content careers. Many members, including Rain, are 21 and under (one even wears braces). Although Rain is an OnlyFans creator, she says shes also a devout Christian and wears a promise ring. The issue is the content looks very very very young, TikTok user Amber Horsburgh posted in a video. The deliberate marketing of youthful personas for adult content is creating a demand for barely-legal performers. With their mostly PG Instagram and TikTok videos, the Bop House has built a following on social media to funnel viewers toward their OnlyFans content. Given the platforms young user base, about 25% of TikTok’s global users are between the ages of 10 and 19, this raises clear concerns. Whether that responsibility falls on the Bop House is less clear. @amberhorsburgh_ I did a marketing degree once and learned about supply and demand. The demand for this makes me feel all sorts of things. Meanwhile the Bop House has 2.5M followers in 60 days…. #bophouse #sophierain #bop Credits Footage: TikTok: @sophieraiin TikTok: @aishah TikTok: @bophouse original sound – Amber | Cultural Commentary – Amber | Cultural Commentary Either way the Bop House has no plans to slow down. In a recent interview, Rain added, We can afford a new mansion every single month with the money the Bop House is making us.
Category:
E-Commerce
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