Chevron to lay off 1,500 workers amid oil price slump

Chevron Corp, the second-largest U.S. oil company, announced yesterday it would lay off 1,500 employees, about 2 percent of its global workforce, as it trims costs to offset declining crude prices.

According to Reuters, most of the layoffs will be in Texas, where the company has expanded in recent years to take advantage of the Permian shale formation, and California, where it operates its headquarters.

"In light of the current market environment, Chevron is taking action to reduce internal costs in multiple operating units and the corporate center," Chevron spokeswoman Melissa Ritchie said in a statement.

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