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 per cent year-to-date, impacted by increased OPEC+ output and persistent demand uncertainty tied to the US trade policy.
A snapshot of energy companies that have announced job cuts in 2024 and 2025:
The US oil company ConocoPhillips announced it is laying off employees at its Canadian operations as it moves to cut up to a quarter (20-25 per cent) of its global workforce by next year, although the specific number of layoffs remains unknown. ConocoPhillips had previously announced it would cut 20-25 per cent of its workforce amid a broader restructuring programme, Reuters reported, citing a company spokesperson.
Meanwhile, Exxon Mobil told Reuters it will lay off 2,000 workers globally as part of a long-term restructuring plan, affecting about three per cent to four per cent of its global workforce, and the company also announced plans last year to cut nearly 400 jobs in Texas following its purchase of shale producer Pioneer Natural Resources.
Imperial Oil, the Canada-based company, is set to cut its workforce by about 20 per cent by the end of 2027, a major restructuring that would eventually shutter most of its presence in the oil-and-gas city of Calgary.
Oilfield services provider Halliburton has been cutting staff in recent weeks, with 290 employees in Argentina affected; in February, a union in Argentina’s oil-rich Chubut province threatened to strike after Halliburton laid off hundreds of workers and closed its local office.
The Austrian oil, gas and chemicals group OMV plans to cut 2,000 of its 23,000 worldwide staff, representing 8.6 per cent of its workforce, the Kurier newspaper reported.
Oilfield services provider SLB is reorganising certain functions within its business and continuing to reduce its workforce, with the number of cuts currently unknown.
Similarly, Chevron will lay off 15 per cent to 20 per cent of its global workforce, the US oil company said in February during an internal employee town hall meeting.
APA Corp has already cut nearly 300 employees globally in January and late February, confirming the reduction of almost 15 per cent of its workforce to Reuters in May.
British oil major BP will cut over five per cent of its global workforce, amounting to 7,000 jobs, as part of CEO Murray Auchincloss’ efforts to reduce costs and rebuild investor confidence.
Malaysia’s state energy firm Petroliam Nasional, or Petronas, will retrench about 10 per cent of its workforce in a restructuring exercise, its chief executive said in June.
In addition, Civitas Resources announced in February it will reduce 10 per cent of its workforce in a bid to enhance and streamline its organisational structure.
Harbour Energy is set to cut 250 jobs, approximately a quarter of the workforce at its UK unit based in Aberdeen.
Equinor announced plans last year to lay off some 250 people (about 20 per cent) from its renewable energy division after scaling down its offshore wind plans.
Finally, Shell had announced plans last year to scale back its oil and gas exploration and development workforce by 20 per cent, following 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)
