Chevron announced Wednesday it's laying off 15% to 20% of its workforce — meaning up to 9,000 jobs.
It's part of the second-largest U.S. oil company's plan to cut between $2 billion to $3 billion in costs by the end of next year, it said.
The layoffs will begin this year and are expected to be completed by 2026.
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The news comes as the company missed Wall Street's fourth-quarter earnings expectations. It was the first time the refining business marked a loss since 2020, according to multiple reports.
Chevron reportedly lost $248 million in the last quarter of 2024 compared to a profit of $1.15 billion during the same period a year before.
The company is currently in the process of moving its headquarters from San Ramon, California to Houston.
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