HOUSTON, Feb 12 (Reuters) - Chevron ( CVX ) 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.

The planned layoffs come as the company has said it is

targeting $3 billion in cost cuts through 2026 from leveraging

technology, asset sales and changing how and where work is

performed.

The company told employees they can begin opting for buyouts

now through April or May, the source said.

Staffers will be selected and notified if they are part of

the layoffs by May or June, according to a slide presentation

seen by Reuters.