Chevron will slash up to 20% of its workforce as part of cost-cutting plan

KEY POINTS

• Chevron is implementing a plan to slash costs by between $2 billion and $3 billion by the end of 2026.
• The oil major’s fuel business posted a loss for the fourth quarter as refining margins have fallen.
• Chevron’s pending acquisition of Hess is tied up in arbitration with Exxon Mobil.