Oil & Gas Industry Layoffs 2025: ConocoPhillips, Chevron, BP, Petronas, OMV, among companies cutting jobs

Oil and gas company layoffs 2025: Major oil and gas companies around the world are preparing for another round of job cuts in 2025 after already shedding thousands of positions last year, as per a report. As oil prices remain under pressure and industry consolidation continues, workers across multiple countries and companies are once again facing uncertainty, as per a Reuters report.

Brent crude futures have fallen about 10% so far this year, affected by higher OPEC+ production and ongoing demand concerns linked to US trade policy, according to the report.

Halliburton Cuts Hundreds, Closes Office in Argentina

Oilfield services provider Halliburton has been reducing its workforce in recent weeks, and at least three business divisions have lost between 20% and 40% of workers, Reuters reported, citing sources familiar with the matter. In February, a union in Argentina’s oil-rich Chubut province threatened to strike after the company laid off 290 employees and shut down its local office, as per the report.

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OMV Plans to Cut 2,000 Jobs Globally

Austrian oil, gas, and chemicals group OMV is planning to reduce 2,000 of its 23,000 global employees, which means that the firm is cutting 8.6% of its total workforce, as per Reuters report.

ConocoPhillips to Cut Up to 25% of Staff

US oil and gas producer ConocoPhillips will reduce its workforce by 20–25% as part of a broader restructuring, as per the Reuters report.

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SLB Reducing Workforce During Reorganization

Oilfield services provider SLB is reorganizing certain functions within its business and continuing to reduce its workforce, as per Reuters.

Chevron Announces 15–20% Global Layoffs

US oil producer Chevron plans to lay off 15% to 20% of its global workforce by the end of 2026 as the firm wants to cut costs, simplify its business, and complete a major acquisition, according to the report.

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APA Corp Cuts Nearly 300 Jobs Globally

US oil company APA Corp had confirmed to Reuters that it had cut nearly 300 employees across global locations between January and late February, as per the Reuters report. The reduction has impacted about 15% of its workforce, as per the report.

BP Lays Off 7,000 Employees Worldwide

British energy company BP said in January that it would cut over 5% of its global workforce, amounting to 7,000 jobs, as part of a cost-cutting initiative, as per the report.

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Petronas to Cut 10% of Workforce

Malaysian state energy company Petroliam Nasional, or Petronas, said in June that it will retrench about 10% of its workforce as part of a restructuring process, as per the Reuters report.

Civitas Resources Cutting 10% of Staff

Civitas Resources announced in February that it would reduce its workforce by 10% to streamline its organizational structure, according to the report.

Harbour Energy to Lay Off 250 in UK

Harbour Energy said in May that it would cut 250 jobs, which is roughly a quarter of its workforce at its UK unit in Aberdeen, as reported by Reuters.

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Equinor Laying Off 250 from Renewables Division

Last year, Equinor had said that it plans to cut around 250 positions, which is about 20% of the staff in its renewable energy division, after scaling back its offshore wind operations, as per the report.

Shell Scales Back Oil and Gas Exploration Workforce

Even Shell had said last year that it would reduce its oil and gas exploration and development workforce by 20%, following previous cuts in its renewables and low-carbon business segments, as per the Reuters report.

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ExxonMobil Cut 400 Jobs

Exxon Mobil had announced that it would lay off nearly 400 workers in Texas after acquiring shale producer Pioneer Natural Resources last year, as per the Reuters report.

FAQs

Why are so many oil and gas companies laying off workers again?
The industry is going through a tough patch. Oil prices have dropped, and companies are trying to save money and restructure, as per a Reuters report.

Is ConocoPhillips laying off workers?
The company plans to cut 20% to 25% of its workforce.