Chevron will lay off 15% to 20% of its global workforce by the end of 2026, as it seeks to cut costs and simplify its business, the US oil company said Wednesday.

Changes to the organizational structure will improve standardization, centralization, efficiency and results,” explained Chevron Vice Chairman Mark Nelson in a statement.

Chevron, the oil giant that recently moved its headquarters to Houston, will lay off 15 to 20% of its workforce, Reuters reports.

Chevron is seeking to trim its headcount by a sizable amount, with Vice Chair Mark Nelson saying they will impact 15%-20% of workers.