Chevron is reportedly gearing up to cut jobs at its global trading desk as part of a broader cost saving effort.
According to Reuters, Chevron is reportedly planning to cut jobs in its Houston-based Supply and Trading group as part of a $3 billion cost saving plan.
The group also has offices in San Ramon, California, Singapore and London.
Two sources close to the matter told Reuters the cuts may account for up to 10 percent of the group’s staff, while several other sources said they were aware of the plan but were unsure of how large the cuts will be.
Chevron confirmed that it’s reducing internal costs in multiple operating units and at its corporate center due to low oil prices, but the company has not yet disclosed how deep the trading desk cuts will be or how they will be distributed.
In July, the company announced it will reduce its San Ramon headcount by 500 and also cut 950 positions from its Houston office along with 50 international jobs and 600 contractor positions.
The Houston layoffs are expected to start in October.
Chevron has not yet confirmed if the global trading desk cuts are part of its previously announced headcount reductions.
The Supply and Trading group manages daily commodity transactions averaging 5 million barrels of liquids, or about 8 percent of the world’s daily supply, and 6 billion cubic feet of natural gas, according to Chevron.