Chevron is implementing a plan to slash costs by between $2 billion and $3 billion by the end of 2026. Chevron will slash 15% to 20% of its workforce as the oil major implements a plan to cut costs, the company announced Wednesday.

Chevron will lay off 15% to 20% of its global workforce, the U.S. oil company said on Wednesday during an internal employee town hall meeting, according to a source familiar with the matter.