Oil major ConocoPhillips announced that it would be cutting around 1,800 jobs, reported The Columbian.
The Houston based company has struggled to maintain profitability in an era of persistently low oil prices.
ConocoPhillips stated in a press release that it’s making the cuts because the energy industry is in a “dramatic downturn.”
The majority of layoffs will be in Houston, with the other half coming from operations around the world. The cuts come on the heels of previous rounds of layoffs earlier this year. Currently approximately 3,500 workers are employed in the Houston headquarters.
The Forex Report Daily said that the move is part of an effort to reduce spending by $1b.
Daren Beaudo, a ConocoPhillips spokesman, confirmed the cuts and said, “Our industry is undergoing a dramatic downturn.”