Finance
Global energy layoffs deepen in 2025 as crude prices weaken, M&A deals surge
Published by Global Banking and Finance Review
Posted on September 3, 2025
4 min readLast updated: January 22, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 3, 2025
4 min readLast updated: January 22, 2026
Energy companies are planning major layoffs in 2025 due to falling crude prices and increased M&A activities. Key players like Exxon and Chevron are reducing their workforce significantly.
(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 futures are down 11.6% 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 % of Total
Cuts Workforce
ConocoPhillips The U.S. oil company Unknown Unknown
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.
Exxon Mobil The energy major told 2,400 3% to 4%
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.
Imperial Oil The Canada-based Unknown 20%
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.
Halliburton The oilfield services 290 Unknown
provider has been employees
cutting staff in in
recent weeks, 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.
OMV The Austrian oil, gas 2,000 8.6%
and chemicals group
plans to cut 2,000 of
its 23,000 worldwide
staff, the Kurier
newspaper reported.
ConocoPhillips It will cut 20-25% of Unknown 20%-25%
its workforce amid a
broader restructuring
program, Reuters
reported, citing a
company spokesperson.
SLB The company is Unknown Unknown
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.
Chevron It will lay off 15% to Unknown 15%-20%
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.
APA Corp It has cut nearly 300 300 nearly 15%
employees globally in
January and late
February, the company
confirmed to Reuters
in May.
BP British oil major BP 7,000 5%
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.
Petronas Malaysian state energy Unknown 10%
firm Petroliam
Nasional, or Petronas,
will retrench about
10% of its workforce
in a restructuring
exercise, its chief
executive said in
June.
Civitas It will reduce 10% of Unknown 10%
Resources its workforce in a bid
to enhance and
streamline its
organizational
structure, the company
said in February.
Harbour It is set to cut 250 250 Unknown
Energy jobs, approximately a
quarter of the
workforce at its UK
unit based in
Aberdeen, the company
said in a statement in
May.
Equinor Last year, it had 250 Unknown
announced plans to lay
off some 20% or about
250 people from its
renewable energy
division after scaling
down its offshore wind
plans.
Shell Last year, Shell had Unknown 20%
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)
The job cuts in the energy sector are primarily due to weaker crude oil prices and a rapid consolidation within the industry.
Companies such as Exxon Mobil, ConocoPhillips, and BP have announced significant layoffs as part of their restructuring efforts.
Exxon Mobil plans to lay off 2,000 workers globally, which represents about 3% to 4% of its total workforce.
ConocoPhillips is planning to cut up to 25% of its global workforce as part of a major restructuring initiative.
Increased OPEC+ output has contributed to an 11.6% decline in benchmark Brent crude futures year-to-date, affecting demand and pricing.
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