About 4,400 Chevron employees have opted for early retirement as part of the company's effort to reduce the work force and boost competitiveness, officials said.
But some layoffs will still be necessary, the oil giant said."This is a difficult time for us, but we must take these steps to ensure long-term competitiveness of our company," Chevron Vice Chairman Jim Sullivan said in a statement.
Chevron corporate offices had announced earlier this year it would have to cut 2,500 jobs by September in order to bolster profitability.
The early retirements took care of some of the jobs that were to be eliminated. However, some employees still will have to be laid off in order to cut the 2,500 jobs identified in the January announcement. Jobs vacated by early retirement, but still necessary to the operation, will be filled.
"It's a wrenching process overall, but necessary in the long run," Chevron spokesman Mike Libbey said. Layoffs and the retirement offer apply only to the domestic staff.