Chevron to reorganize business structure

U.S. energy major Chevron said on Monday its Oil, Products and Gas Organization would be consolidated into two separate segments.

Earlier this month, Chevron said it would lay off 15% to 20% of its global workforce by the end of 2026, as it seeks to simplify its business along with cutting costs and completing a major acquisition.

The segment would be separated into Upstream and Downstream, Midstream & Chemicals, and be led by Mark Nelson, who is the current executive vice president of the Oil, Products & Gas unit.

Chevron’s technical center will also be reorganized and insider Ryder Booth will take the helm as the new unit's vice president, effective July 1.

"Our new organizational structure and leadership appointments are designed to improve our operational efficiency and position Chevron for sustained growth," CEO Mike Wirth said in a statement.