September 30 – Global energy majors and related companies plan to slash more jobs in 2025, after cutting thousands last year, as the industry navigates weaker crude oil prices and a rapid consolidation.
Benchmark Brent crude futures are down about 10.5% year-to-date, impacted by increased OPEC+ output and persistent demand uncertainty tied to the U.S. trade policy.
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Company
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Description
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Layoff/Job Cuts
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% of Total Workforce
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Exxon Mobil (XOM.N)
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The energy major told Reuters in an emailed statement it will lay off 2,000 workers globally as part of a long-term restructuring plan, affecting about 3% to 4% of the company’s global workforce.
Last year, it announced plans to cut nearly 400 jobs in Texas following its purchase of shale producer Pioneer Natural Resources, according to a regulatory filing. |
3% to 4%
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Imperial Oil (IMO.TO)
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The Canada-based company said it would cut its workforce by about 20% by the end of 2027, part of a major restructuring that would eventually shutter most of its presence in the oil-and-gas city of Calgary.
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Unknown
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Halliburton (HAL.N)
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The oilfield services provider has been cutting staff in recent weeks, 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. |
290 employees in Argentina
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Unknown
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OMV (OMVV.VI)
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The Austrian oil, gas and chemicals group plans to cut 2,000 of its 23,000 worldwide staff, the Kurier newspaper reported.
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ConocoPhillips (COP.N)
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It will cut 20-25% of its workforce amid a broader restructuring program, Reuters reported, citing a company spokesperson.
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Unknown
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20%-25%
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SLB (SLB.N)
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The company is 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.
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Unknown
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Unknown
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Chevron (CVX.N)
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It will lay off 15% 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.
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Unknown
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15%-20%
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APA Corp (APA.O)
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It has cut nearly 300 employees globally in January and late February, the company confirmed to Reuters in May.
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nearly 15%
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BP (BP.L)
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British oil major BP 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.
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Petronas
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Malaysian state energy firm Petroliam Nasional, or Petronas, will retrench about 10% of its workforce in a restructuring exercise, its chief executive said in June.
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Unknown
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Civitas Resources (CIVI.N)
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It will reduce 10% of its workforce in a bid to enhance and streamline its organizational structure, the company said in February.
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Unknown
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Harbour Energy (HBR.L)
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It is set to cut 250 jobs, approximately a quarter of the workforce at its UK unit based in Aberdeen, the company said in a statement in May.
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Unknown
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Equinor (EQNR.OL)
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Last year, it had announced plans to lay off some 20% or about 250 people from its renewable energy division after scaling down its offshore wind plans.
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Unknown
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Shell (SHEL.L)
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Last year, Shell had announced plans to scale back its oil and gas exploration and development workforce by 20%, after deep cuts in renewables and low-carbon businesses.
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Unknown
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Reporting by Sumit Saha, Pranav Mathur, Tanay Dhumal, Nerijus Adomaitis and Pooja Menon; Editing by David Gregorio, Nivedita Bhattacharjee, Sriraj Kalluvila and Krishna Chandra Eluri
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