7 months ago
Factbox-Global oil and gas company layoffs in 2024 and 2025
(Reuters) -International oil and gas companies plan to shed more jobs in 2025 after cutting thousands last year as prices remain under pressure and consolidation gathers pace.
Benchmark Brent crude futures are down about 10% year-to-date, impacted by increased OPEC+ output and persistent demand uncertainty tied to U.S. trade policy.
A snapshot of energy companies that have announced job cuts in 2024 and 2025:
Company Description Layoff/Job % of Total
Cuts Workforce
provider has been employees
cutting staff in in
recent weeks, Argentina
according to two
sources familiar with
the matter.
In February, an oil
and gas workers’
union in Argentina’s
oil-rich Chubut
province threatened
to strike after
Halliburton laid off
hundreds of workers
and decided to close
its local office.
OMV The Austrian oil, gas 2,000 8.6%
and chemicals group
plans to cut 2,000 of
its 23,000 worldwide
staff, the Kurier
newspaper reported.
ConocoPhill It will cut 20-25% of Unknown 20%-25%
ips its workforce amid a
broader restructuring
program, Reuters
reported, citing a
company spokesperson.
SLB The company is Unknown Unknown
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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.
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%
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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,
regulatory filing.
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