HOUSTON – Friday Chevron announced its first quarter numbers were down and the company suffered $725 million in profit losses. In part, Chevron blames lower oil prices.

The oil giant was on track to layoff 6,000 to 7,000 employees this year but announced Friday it will reduce its workforce by 8,000 employees and 6,500 contractors.

Rival Exxon Mobil reported Friday a 63 percent loss is in quarterly profit.