Chevron Thailand said Monday that it will lay off 800 workers as part of a cost cutting plan designed the save hundreds of millions of dollars.
According to Reuters, the company plans to cut 800 staff members in Thailand this year, a move that is expected to help generate $500 million in savings this year.
The company told Reuters the cuts will take effect on August 1 and are in addition to 100 job cuts announced earlier this year.
Chevron Thailand has not disclosed further details about the headcount reduction plan.
Chevron Thailand currently employees about 2,200 staff members and 1,700 contractors.
Chevron Thailand Exploration and Production President Pairoj Kaweeyanun told Reuters that output will not be affected by the layoffs.
“The cuts will help the company to continue operations in Thailand,” Pairoj said.
Chevron reported a loss of $588 million, or $0.31 per diluted share, for the fourth quarter of 2015, down significantly from earnings of $3.5 billion in the fourth quarter of 2014.
Full year 2015 earnings fell to $4.6 billion, or $2.45 per diluted share, down from $19.2 billion, or $10.14 per diluted share, in 2014.
Chevron said earlier this month that it will cut 1,000 jobs later this year after missing fourth quarter analyst targets.
Those reductions will bring Chevron’s total number of job cuts to 8,000 workers, or about 12 percent of its workforce, according to the Wall Street Journal.
