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

Chevron on Wednesday announced it will lay off 15-20% of its global workforce in an effort to reduce costs by up to $3 billion. Chevron expects to complete most of the cuts by the end of 2026.

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