01:05 PM EST, 02/12/2025 (MT Newswires) -- (Recasts throughout with company statement and recent stock movement.)

Chevron ( CVX ) said Wednesday it will begin slashing its global workforce this year by 15% to 20% to streamline its structure and reduce costs.

The layoffs are in line with the company's plans to implement structural cost reductions, totaling between $2 billion and $3 billion, by the close of 2026, Chevron ( CVX ) Vice Chairman Mark Nelson said.

"We believe changes to the organizational structure will improve standardization, centralization, efficiency and results, unlocking new growth potential," Nelson said in a statement to MT Newswires.

The layoffs will affect about 6,000 to 8,000 people, the Barron's report said, citing a top company executive.

Chevron ( CVX ) said those who will lose their jobs will be support by the company through the transition.

CVX shares were edging 0.9% lower in recent trading.

Price: 156.03, Change: -1.41, Percent Change: -0.90