Chevron Corp. is planning to cut jobs across its operations as the energy giant grapples with persistently low oil prices. The company also announced further reductions to its capital spending budget for the coming year.

The move is part of a broader effort to reduce costs and improve efficiency in the face of a challenging market environment. Oil prices have remained stubbornly low, putting pressure on energy companies to streamline operations and conserve cash.

Specific details regarding the number of job cuts and the areas affected were not immediately disclosed. However, Chevron indicated that the reductions would impact both its upstream and downstream businesses.

In addition to job cuts, Chevron is also scaling back its investment plans. The company’s capital expenditure budget will be reduced, with a focus on prioritizing projects with the highest returns and deferring less critical investments.

These measures are intended to help Chevron navigate the current downturn and position the company for long-term success. By lowering expenses and focusing on core assets, Chevron aims to maintain its financial strength and continue delivering value to shareholders.

Other major oil companies have also announced similar cost-cutting measures in recent months, reflecting the widespread impact of low oil prices on the energy industry.