Anadarko Petroleum is implementing further swingeing cuts of around 1,000 jobs, according to the Houston Chronicle.
If the Woodlands, Texas-based company goes through with the cuts it will mean shedding around 17% of its workers. The layoffs will occur right across the company.
The move, by the fourth biggest US oil company, is in response to the long fall in the price of oil and gas. Anadarko has substantial production activity offshore, especially in the Gulf of Mexico, as well as its on-land and overseas projects.
Last month Anadarko announced it is aiming to cut capital expenditure for this year by half for the same reason. If that goes through it would make Anadarko’s capital expenditure $2.8 billion.
And it is planning to sell off around US$1bn in assets.