Houston-based ConocoPhillips is to cut 1,000 more jobs around the world as it continues to contend with the drop in oil prices, according to the Houston Chronicle.
The multinational energy corporation, which is the world’s largest independent E&P company, had cut 1,800 jobs – 500 of them in Houston – in 2015.
The geographic breakdown of this latest round of culling was not released yet although experts believe the North American operation will be hit hardest.
ConocoPhillips had already cut its annual budget by 40% to $5.57bn and slashed shareholder dividends by two thirds.
A company spokesman maintained that the streamlined business is poised to turn the corner with some major upstream projects in the offing and surplus capacity to spare.
In January ConocoPhillips became one of the first firms in four decades to export US oil following the lifting of a ban on such exports from the lower 48 states.