Chevron Shifts From Local to Centralized Hubs to Cut Costs

Chevron Corp. is reducing local and regional business units in favor of a more centralized model to improve performance and cut as much as $3 billion of costs by 2026.

A single offshore division will operate assets in the US Gulf, Nigeria, Angola and Eastern Mediterranean while shale assets in Texas, Colorado and Argentina will also be brought under one roof, Vice Chairman Mark Nelson said in an interview with Bloomberg Tuesday.