Houston-based Chevron announced it will be reducing its global workforce by 20% as it is seemingly trying to slim costs and streamline operations.

The announcement of layoffs at Chevron— the second largest oil producing company in the United States— comes shortly after the company announced it would move its corporate headquarters from San Ramon,

Chevron will lay off 15 to 20 percent of its global workforce by the end 0f 2026, in an effort to cut costs and simplify its business.

Chevron, the global oil giant that recently moved its headquarters to Houston, announced in an internal town hall that it will lay off between 15 and 20% of its global workforce by 2026, according to Reuters.