After the news last week that oil giant Chevron is planning to reduce 20% of it's workforce as part of 'cost-cutting' plan, many are wondering what does that mean for the rest of the industry?
"I don't think they're in trouble, in fact I'm certain they are not in trouble" said Karr Ingham, president of the Texas Alliance of Energy Producers, "This is not a company experiencing financial difficulty."
So what's going on? Basically, Ingham says Chevron is looking to clean up before moving their headquarters from California, here to Houston.
"I think this is just a move to streamline operations to cut costs and to focus on where their core areas of business are" Ingham told KTRH.
He adds that the oil industry is doing just fine, especially with Donald Trump back in the White House.
Chevron is looking to slash between $2 to $3 billion by the end of next year, and will end up laying off roughly 9,000 employees.
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