Chevron plans to lay off 15% to 20% of its global workforce to cut $3 billion in costs by 2026, according to an internal memo released Wednesday. Employees were given the option to opt for buyouts through April or May,

Chevron announced in August 2024, it would relocate its headquarters from San Ramon to Houston, Texas. As of 2023, Chevron had 45, 511 employees worldwide with about 7,000 employees working in the Houston area and approximately 2,000 employees in San Ramon, the company said before the move.

Chevron Corp. plans to cut its global workforce by 15% to 20% by next year, as part of efforts to reduce costs and raise profits.