Chevron to lay off up to 20% of its workers

Chevron faces industry-wide weakness in the refining business and the expectation that oil prices could be under pressure over the next two years as global-production growth outpaces demand.

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