Yup, they are adding several hundred new employees in India this year, and several thousand more over the next 2-3 years. I think Chevron has around 46000 employees globally right now, so 20% total reduction is 9200 jobs lost (not all are in the US). But you have to add the ~600 jobs added in India that are masking some of it, and the reality is that it's closer to 10,000 layoffs in 2025 alone. A lot of that will come from San Ramon as they exit California, and give people the option to move to Houston to keep their jobs, but they expect a good portion of those folks to decline it and make an exit. I heard around 2000 of the layoffs will be in the Houston area, but that number also includes retirements too, which could be a substantial amount given the age of the workforce.
When asked during a town hall if there would be any guarantee that there won't be more layoffs next year, the new CIO dismissed the question and wouldn't say anything reassuring against that idea. So there will likely be another round of re-org next year too as they add more people in India and remove their counterpart positions. Exxon and Shell moved a bunch of services to India a few years ago, and now Chevron and BP are following that path. Supposedly the lack cost savings from India is what's keeping Chevron from being higher rated than 3/4th in their Top 5 O&G benchmark analysis.