The worlds biggest independent oil and gas company, ConocoPhillips, is to cut 10% of its global workforce, it has announced Tuesday.
The Texas based firm has said the majority of job losses in this round of cuts will come from North America, in particular the US.
Estimates have so far put the losses at around 1,800 globally, with around 500 of those coming from its Huston headquarters where 3,753 ConocoPhillips employees are currently based.
The job losses are also expected to heavily impact on ConocoPhillips Canadian business. Canadian job cuts are expected to be around the 500 figure, 15% of the companies workforce, with 400 coming directly from ConocoPhillips and 100 contracting positions.
ConocoPhillips has hinted that the cuts will take place over the course of the next few weeks.
“We have taken several significant steps as a company to strengthen our position, including reducing our capital spending and future deep-water exploration programme,” ConocoPhillips spokesman Daren Beaudo said Tuesday in an emailed statement confirming the layoffs.
“However, the workforce reductions are necessary to become a stronger, more competitive company.”