Chevron will lay off 15% to 20% of its global workforce amid a plan to cut costs by up to $3 billion, the US oil company's Vice Chairman Mark Nelson announced on Wednesday.
"We do not take these actions lightly and will support our employees through the transition. But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities," the statement read.
The reductions are set to commence this year, with the majority of the cuts expected to be finalized before the end of 2026.
