Adds Exxon Mobil
Sept 30 (Reuters) - 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 LCOc1 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.
A snapshot of energy companies that have announced job cuts in 2024 and 2025:
Company | Description | Layoff/Job Cuts | % of Total Workforce |
Exxon Mobil XOM.N | 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% to 4% |
Imperial Oil IMO.TO | 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 HAL.N | 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 | Unknown |
OMV OMVV.VI | 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 COP.N | It will cut 20-25% of its workforce amid a broader restructuring program, Reuters reported, citing a company spokesperson. | Unknown | 20%-25% |
SLB SLB.N | 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 CVX.N | 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 APA.O | It has cut nearly 300 employees globally in January and late February, the company confirmed to Reuters in May. | 300 | nearly 15% |
BP BP.L | 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 CIVI.N | 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 HBR.L | 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 EQNR.OL | 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 SHEL.L | 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% |
(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)
((Sumit.Saha@thomsonreuters.com;))