Chevron announces significant job cuts

Chevron (CVX.US) has announced a significant workforce reduction, affecting approximately 15-20% of its employees, which translates to around 6,000-8,000 jobs. According to company representatives, this move is part of a cost-cutting strategy aimed at improving cash flow generation rather than a sign of financial distress.

Over the past two years, Chevron has focused heavily on enhancing cash returns to shareholders. The company has conducted $30 billion worth of share buybacks, reducing its outstanding shares by approximately 10%. Additionally, since 2020, Chevron has accelerated its dividend growth rate, and with the current quarterly dividend of $1.71 per share, the implied dividend yield stands at 4.4%.

Chevron's stock price declined slightly by around 1.6% following the announcement. As a result, the price approached the $155 support zone. A trendline connecting previous local lows suggests stronger support at $151, further reinforced by the upper boundary of the October 2024 consolidation range. Source: xStation

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