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.

Chevron revealed Wednesday that it plans to cut a significant number of jobs in order to shore up as much as $3 billion in cost savings. The cuts are projected to include between 15% and 20% of Chevron’s global workforce.

Chevron will lay off 15 per cent to 20 per cent 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 plans to cut up to 20% of its global workforce as part of a cost-cutting drive following its acquisition of Hess Corp.

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