Chevron will lay off 15% to 20% of its global workforce by the end of 2026, the U.S. oil company said on Wednesday as it seeks to cut costs, simplify its business, and complete a major acquisition.

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, better positioning the firm for long-term growth.

OIL GIANT Chevron has announced it will slash up to 8,000 jobs by the end of 2026, amounting to around a fifth of its global workforce.

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