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Chevron has announced plans to cut 1,500 jobs, around 2% of its global workforce, in an effort to make savings of $1bn.

The company’s latest announcement comes amid plunging crude prices and the move is to offset the impact of falling crude prices.

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According to the company, nearly all of the layoffs will take place in Texas, US.

In recent years, Chevron has expanded in Texas to develop land in the Permian shale formation, and California.

"In light of the current market environment, Chevron is taking action to reduce internal costs in multiple operating units and the corporate centre."

The company plans to layoff 50 international employees and cancel around 600 contractor positions.

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Chevron said that 270 out of the 1,500 jobs being cut are currently vacant and the company has no plans to fill them.

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

"These initiatives, which are currently underway, are focused on increasing efficiency, reducing costs and focusing on work that directly supports business priorities."

As a result of the cost reduction efforts at the corporate centre, around 950 positions will be cut in Houston.

In San Ramon 500 positions will be reduced and 50 position reductions will take place internationally, the company said.

Image: Chevron Corporation headquarters in San Ramon, California. Photo: courtesy of Coolcaesar.