Chevron to Cut Thousands of Jobs Amid Cost Reduction Efforts Chevron plans to reduce its workforce by up to 9,000 jobs, representing 15-20% of its staff, by the end of 2026. This move aims to streamline operations and save $2-3 billion annually. Similarly, BP has initiated layoffs of 4,700 employees and 3,000 contractors to address declining profits and volatile fossil fuel markets.1