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 Cuts | % of Workforce |
|---|---|---|---|
| ConocoPhillips | It will cut 20–25% of its workforce amid a broader restructuring program, Reuters reported, citing a company spokesperson. | Unknown | 20%–25% |
| SLB | 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. | Unknown | Unknown |
| Chevron | 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. | Unknown | 15%–20% |
| APA Corp | It has cut nearly 300 employees globally in January and late February, the company confirmed to Reuters in May. | Nearly 300 | Nearly 15% |
| Halliburton | An oil and gas 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. | 290 | Unknown |
| BP | 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. | 7,000 | 5% |
| Petronas | 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. | Unknown | 10% |
| Civitas Resources | It will reduce 10% of its workforce in a bid to enhance and streamline its organizational structure, the company said in February. | Unknown | 10% |
| Harbour Energy | 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. | 250 | Unknown |
| Equinor | 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. | 250 | 20% |
| Shell | 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. | Unknown | 20% |
| ExxonMobil | 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. | 400 | Unknown |
(Reporting by Sumit Saha, Pranav Mathur, Tanay Dhumal, Nerijus Adomaitis and Pooja Menon; Editing by David Gregorio)