Chevron will lay off 15-20% of its global workforce by the end of 2026, the US oil company said on Wednesday as it seeks to cut costs, simplify its business and complete a major acquisition.
BP has sold its petrochemicals business for $5bn (£4.1bn) to Sir Jim Ratcliffe’s Ineos, in a deal that will boost the oil company’s under-pressure balance sheet.
Ineos will pay BP a deposit of $400m, followed by $3.6bn when the deal completes and then another $1bn in three instalments by June 2021.
