
Chevron Corp. (NYSE: CVX) announced it was laying off approximately 20% of its global workforce by the end of 2026. The company announced the moves as an effort to cut costs, simplify its business, and complete its ongoing merger with Hess Corp. (NYSE: HES).
After falling about 2% on the announcement, CVX stock has recovered but still trades over 10% below its 52-week high of around $166. That’s not new to investors.