Chevron Phillips Chemical JV cuts 130 jobs to align with 'industry realities'

[refinery chemical petrochemical plant with cracking furnace for petroleum energy and chemical industry business for chemical product marketing]
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Chevron Phillips Chemical, the 50-50 joint venture between Chevron (NYSE:CVX [https://seekingalpha.com/symbol/CVX]) and Phillips 66 (NYSE:PSX [https://seekingalpha.com/symbol/PSX]), has cut ~130 jobs [https://www.bloomberg.com/news/articles/2025-08-13/cpchem-cuts-130-jobs-as-first-step-in-cost-cutting-campaign], primarily in corporate roles such as information technology, supply chain management and logistics, Bloomberg reported Wednesday.

"These changes reflect opportunities to outsource, centralize work, optimize leader spans of control and reduce organizational layers," CPChem CEO Steve Prusak wrote in internal email seen by Bloomberg. "This is the first step to ensure our organizational structure aligns with industry realities."

Several energy companies are trimming headcount to reduce costs as weak commodity prices hurt profits, with prices for chemicals used to make plastics and other consumer products under particular strain after new plants came online in China in recent years.

CPChem’s parent companies are undergoing major efficiency drives: Chevron (NYSE:CVX [https://seekingalpha.com/symbol/CVX]) is cutting its global workforce by 20%, or as many as 9,000 people, by 2026, and Phillips 66 (NYSE:PSX [https://seekingalpha.com/symbol/PSX]) is under pressure from activist investor Elliott Investment Management to sell assets and improve stock performance.

CPChem employs ~5,000 people, meaning the cuts make up 2.6% of its global workforce.

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