US oil giant Chevron Corporation is to make up to 8,000 workers redundant globally by the end of next year as it bits to save money.
The company confirmed it plans to cut between 15% and 20% of its workforce.
At the end of 2023, The Times reports, Chevron employed just over 40,000, meaning 20% would be around 8,000 jobs.
Those numbers do not include the 5,400 additional staff at service stations.
Mark Nelson, the Chevron's vice-chairman, said: “Chevron is taking action to simplify our organisational structure, execute faster and more effectively and position the company for stronger long-term competitiveness.
"We do not take these actions lightly and will support our employees through the transition.”
Chevron is aiming to cut up to $3billion (£2.4billion) from its costs by the end of 2026.
FTSE 100
The UK's flagship share index, the FTSE 100, up 19-points at 8,797 shortly after opening this morning.
Brent crude oil futures were down 0.82%, trading at $74.56 a barrel.
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Barclays* | Full Year Results |
British American Tobacco* | Full Year Results |
Coca Cola HBC AG | Full Year Results |
Nestle* | Full Year Results |
Relx* | Full Year Results |
Renishaw | Half Year Results |
Tate & Lyle* | Q3 Trading Statement |
Unilever* | Full Year Results |