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 11.6% year-to-date, impacted by increased OPEC+ output and persistent demand uncertainty tied to the U.S. trade policy.
| Company | Description | Layoff/Job Cuts | % of Total Workforce |
|---|---|---|---|
| ConocoPhillips | The U.S. oil company said it is laying off employees at its Canadian operations, according to three sources and a company memo reviewed by Reuters, as it moves to cut up to a quarter of its global workforce by next year. The memo did not specify how many layoffs would take place but said they would begin in the first week of November. | Unknown | Unknown |
| Exxon Mobil | 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. | 2,400 | 3%–4% |
| Imperial Oil | 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. | Unknown | 20% |
| Halliburton | The oilfield services provider has been cutting staff in recent weeks, in 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. | 290 employees | Unknown |
| OMV | The Austrian oil, gas and chemicals group plans to cut 2,000 of its 23,000 worldwide staff, the Kurier newspaper reported. | 2,000 | 8.6% |
| ConocoPhillips (second entry) | 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. | 300 | nearly 15% |
| 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 | Unknown |
| 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. |
(Reporting by Sumit Saha, Pranav Mathur, Tanay Dhumal, Nerijus Adomaitis, Pooja Menon and Katha Kalia; Editing by David Gregorio, Nivedita Bhattacharjee, Sriraj Kalluvila and Krishna Chandra Eluri)