Chevron Plans to Lay Off 20% of Workers in Cost-Cutting Push

These reductions are in line with our previous announcement of $2 to $3 billion in targeted structural cost reductions by the end of 2026, with some residual impact in 2027 and beyond,

Chevron said in a statement to ABC7 News on Wednesday

Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness,

said Mark Nelson, vice chairman of Chevron, in a statement

We do not take these actions lightly and will support our employees through the transition,

Chevron Vice Chairman Mark Nelson said in a statement