Chevron will lay off 15% to 20% of its global workforce by the end of 2026, as it seeks to cut costs and simplify its business, the US oil company said Wednesday.

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

Chevron will lay off 15 to 20 percent of its global workforce by the end 0f 2026, in an effort to cut costs and simplify its business.

Chevron is seeking to trim its headcount by a sizable amount, with Vice Chair Mark Nelson saying they will impact 15%-20% of workers.

Chevron plans to slash its workforce by as much as 20% by the end of 2026, as it embarks on a wider cost-cutting effort. The company said the reductions would simplify its structure and enable it to act faster,