About 6,000 to 8,000 of Chevron's global employees will be impacted. The layoffs contribute to Chevron's larger goal of cutting costs by up to $3 billion before the end of 2026, per Barron's. At the end of 2023,

Houston-based Chevron announced it will be reducing its global workforce by 20% as it is seemingly trying to slim costs and streamline operations.

Chevron will lay off 15% to 20% of its global workforce, the U.S. oil company said on Wednesday during an internal employee townhall meeting, according to a source familiar with the matter.