Factbox: Global oil and gas company layoffs in 2024 and 2025

Imperial Oil

30/09/2025 10:16

Adds Imperial Oil

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
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%
Exxon Mobil XOM.N
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, Nivedita Bhattacharjee and Sriraj Kalluvila)

 ((Sumit.Saha@thomsonreuters.com;))