U.S. oil and gas producers are seeking efficiencies and cost reductions this year due to lower oil prices compared to 2024 levels. Major producers in the U.S. shale patch are restructuring operations, leading to reports of workforce reductions across geographies and basins.

ConocoPhillips is planning layoffs at its Canadian business, with employees in Calgary to be notified virtually on November 5, and those in Surmont and Montney in person the following day. The company, one of the world’s largest independent exploration and production firms, is streamlining operations to save costs.

Amidst a consolidation wave, major U.S. and European oil firms are implementing workforce reductions and cost-cutting measures. This includes ConocoPhillips slashing up to 25% of its workforce across functions and geographies following its acquisition of Marathon Oil Corporation last year.

Other large oil producers like Chevron and ExxonMobil are also reducing their workforce numbers significantly in response to lower oil prices and the need for greater efficiencies. Chevron plans to reduce its workforce by 20% by the end of 2026, while ExxonMobil has already eliminated about 400 jobs in Texas.

BP, under pressure to slash costs and reduce debt, is accelerating the reduction of contractor numbers and office-based workforce. The company has already reduced contractor numbers by 3,200 and expects a further 1,200 contractors to exit by the end of 2025. Streamlining efforts are underway across the industry to improve efficiency and cut costs.

Read more at Yahoo Finance: Shale Giants Slash Thousands of Jobs as Lower Prices Bite