Chevron plans to cut 15% to 20% of its workforce as part of a cost-reduction strategy, aiming to save $2 billion to $3 billion by the end of 2025.
The layoffs will begin this year and are expected to be largely completed by 2026, according to Chevron on Wednesday.
“We do not take these actions lightly and will support our employees through the transition,” Chevron Vice Chairman Mark Nelson said in a statement.
“But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.”
Chevron shares dipped about 1% on Wednesday but remain up roughly 8% this year.
Chevron’s $53 billion acquisition of Hess Corp. remains uncertain as it faces arbitration with Exxon Mobil, which could impact the deal’s completion.
