Energy giant Chevron will eliminate about 1,500 job positions in an effort to cut costs, the company said in a statement Tuesday.

The cuts, which will take place across 24 business groups in its corporate center, will result in cost reductions of about $1 billion.

"In light of the current market environment, Chevron is taking action to reduce internal costs in multiple operating units and the corporate center," Chevron said, in the statement. "These initiatives, which are currently underway, are focused on increasing efficiency, reducing costs and focusing on work that directly supports business priorities."

Of the announced cuts, about 270 are existing vacant positions that will not be filled; the company also plans to eliminate an additional 600 contracting positions as well.

Chevron shares were little-changed in after-hours trading. It and Exxon Mobil are both slated to report quarterly earnings Friday morning.