The headlines these days are awash with cost-cutting news, and it appears that one big name in oil & gas is jumping head-first into slashing its overhead.

Chevron revealed Wednesday that it plans to cut a significant number of jobs in order to shore up as much as $3 billion in cost savings.

The cuts are projected to include between 15% and 20% of Chevron’s global workforce. They will reportedly start now and will conclude before the end of next year.