Chevron to lay off up to 20pc of global workforce

Chevron will lay off 15 percent to 20 percent 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.

The No. 2 US oil producer has faced production challenges including cost overruns and delays in a large Kazakhstan oilfield project.

Meanwhile, its US$53-billion (HK$413.4 billion) deal to acquire oil producer Hess and gain a foothold in Guyana's lucrative oilfield is in limbo due to a court battle with larger rival Exxon Mobil, which has outperformed it with production growth, achieving record production in Guyana and the biggest oilfield in the United States.

Chevron has said it is targeting up to US$3 billion in cost cuts through 2026 from leveraging technology, asset sales and changing how and where work is performed.