In a significant restructuring effort, Chevron announced plans to cut 15-20% of its global workforce by 2026, impacting approximately 8,000 employees. The oil giant aims to achieve $2-3 billion in savings through workforce reductions, asset sales, and technological advancements. Chevron's cost-cutting measures are necessary due to industry-wide challenges and a stalled $53 billion acquisition of Hess. The company plans to implement the layoffs progressively over the next few years, emphasizing the importance of maintaining long-term competitiveness and efficiency in its operations.