(Reuters) -International oil and gas companies have announced they would cut tens of thousands of jobs in 2024 and 2025 due to lower oil prices and as they consolidate after the biggest wave of mergers and acquisitions in the industry for decades.
Benchmark Brent crude futures have fallen in 2025 as OPEC+ increases output and amid economic uncertainty due to U.S. trade policy.
Here are some of the oil and gas companies that have announced job cuts in 2024-2025:
Company Description Layoff/Job % of Total
Cuts Workforce
ConocoPhil It will cut 20-25% of Unknown 20%-25%
lips its workforce amid a
broader restructuring
program, Reuters
reported, citing a
company spokesperson.
SLB The company is Unknown Unknown
reorganizing certain
functions within its
business and
continuing to reduce
its workforce,
according to a source
familiar with the
matter and an
internal email seen
by Reuters.
Chevron It will lay off 15% Unknown 15%-20%
to 20% of its global
workforce, the U.S.
oil company said in
February during an
internal employee
town hall meeting,
according to a source
familiar with the
matter.
APA Corp It has cut nearly 300 300 nearly 15%
employees globally in
January and late
February, the company
confirmed to Reuters
in May.
Halliburto An oil and gas 290 Unknown
n workers’ union in
Argentina’s oil-rich
Chubut province
threatened to strike
in February after
Halliburton laid off
hundreds of workers
and decided to close
its local office.
BP British oil major BP 7,000 5%
will cut over 5% of
its global workforce,
it said in January,
as part of CEO Murray
Auchincloss’ efforts
to reduce costs and
rebuild investor
confidence in the
energy giant.
Petronas Malaysian state Unknown 10%
energy firm Petroliam
Nasional, or
Petronas, will
retrench about 10% of
its workforce in a
restructuring
exercise, its chief
executive said in
June.
Civitas It will reduce 10% of Unknown 10%
Resources its workforce in a
bid to enhance and
streamline its
organizational
structure, the
company said in
February.
Harbour It is set to cut 250 250 Unknown
Energy jobs, approximately a
quarter of the
workforce at its UK
unit based in
Aberdeen, the company
said in a statement
in May.
Equinor Last year, it had 250 Unknown
announced plans to
lay off some 20% or
about 250 people from
its renewable energy
division after
scaling down its
offshore wind plans.
Shell Last year, Shell had Unknown 20%
announced plans to
scale back its oil
and gas exploration
and development
workforce by 20%,
after deep cuts in
renewables and
low-carbon
businesses.
Exxon Last year, it 400 Unknown
Mobil announced plans to
cut nearly 400 jobs
in Texas following
its purchase of shale
producer Pioneer
Natural Resources,
according to a
regulatory filing.
(Reporting by Sumit Saha, Pranav Mathur, Tanay Dhumal, Nerijus Adomaitis and Pooja Menon; Editing by David Gregorio)
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