No 2 US oil firm aims for $3bn in cost cuts through 2026 and seeks to simplify business after production challenges

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

The No 2 US oil producer has faced production challenges including cost overruns and delays in a large Kazakhstan oilfield project. Its $53bn deal to acquire oil producer Hess and gain a foothold in Guyana’s lucrative oilfield is in limbo due to a court battle with its larger rival Exxon Mobil, which has more aggressively expanded its own production.