Overview of Layoffs in Global Oil and Gas Companies for 2024 and 2025
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 03 2025
0mins
Source: Yahoo Finance
Job Cuts in Oil and Gas Sector: Major international oil and gas companies are planning to cut tens of thousands of jobs in 2024 and 2025 due to declining oil prices and industry consolidation following significant mergers and acquisitions.
Specific Company Layoffs: Companies like ConocoPhillips, Chevron, BP, and others have announced substantial workforce reductions, with layoffs ranging from 10% to 25% of their total employees as part of restructuring efforts.
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Analyst Views on CVX
Wall Street analysts forecast CVX stock price to fall
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 182.460
Low
158.00
Averages
176.95
High
206.00
Current: 182.460
Low
158.00
Averages
176.95
High
206.00
About CVX
Chevron Corporation is an integrated energy company. The Company produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and industry. The Company’s segments include Upstream and Downstream. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of the refining of crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels, and transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Hedging Impact: The company's hedging activities negatively impacted earnings by $2.9 billion in the first quarter, although this effect is expected to reverse in future quarters, leading to a distorted view of current performance.
- Production Growth: Despite geopolitical tensions in the Middle East, Chevron achieved a 15% year-over-year increase in global production and a 24% rise in the U.S. market, with the Permian Basin exceeding one million barrels per day for the fifth consecutive quarter, showcasing resilience in a complex environment.
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See More
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- Transparent Research Methodology: The index utilizes publicly available data such as earnings call transcripts, job openings, and patent applications, providing an objective comparison tool that allows companies to assess their AI strategies against peers, thereby facilitating more effective decision-making.
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- Top 20 Companies: The top 20 companies based on orientation and implementation scores include Nvidia, Schlumberger, Amazon, and Meta, showcasing their leadership positions within their respective sectors, which may attract increased investor interest in their future growth potential.
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- Inventory Crisis Warning: Neil Chapman, Senior VP of ExxonMobil, warned at the Bernstein Strategic Decisions Conference that global crude, gasoline, and diesel inventories are nearing unprecedented lows, predicting Brent crude prices could surge to $150-$160, indicating the market's acute sensitivity to supply risks.
- Depleting Strategic Reserves: Chevron CEO Mike Wirth emphasized that rapidly depleting strategic reserves due to U.S.-Iran tensions and the Strait of Hormuz blockade are likely to directly impact physical oil prices in the coming weeks, increasing upward price pressure.
- IEA Forecast: The International Energy Agency's mid-May report projected a contraction of global oil demand by 420,000 barrels per day by 2026, primarily due to supply disruptions in the Middle East, highlighting the fragility of the global market and potential supply shocks.
- Diverging Market Sentiment: While retail investors exhibit bearish sentiment towards the United States Oil Fund (USO) and ExxonMobil (XOM), they remain bullish on ProShares Ultra Bloomberg Crude Oil (UCO), reflecting the complex reactions to oil price volatility in the market.
See More
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- Inventory Decline Warning: Global oil inventories are depleting at a record rate of 8.7 million barrels per day, leading to unprecedented supply disruptions, with prices potentially spiking to $150 to $160 per barrel if the Strait of Hormuz does not reopen soon, which could trigger a global economic slowdown.
- Supply Chain Pressure Intensifies: The closure of the Strait of Hormuz has caused oil production in the Gulf to plummet by over 50%, forcing the global economy to tap into national strategic petroleum reserves, with current U.S. commercial crude inventories at 441.7 million barrels, about 2% below the five-year average.
- Market Reaction Expectations: Executives from ExxonMobil and Chevron have warned that as inventories continue to drain, oil prices are likely to face increased upward pressure in the coming weeks, potentially leading to demand destruction that could impact global economic growth.
- Potential Agreement Impact: Although the U.S. and Iran are reportedly close to a deal that could fully reopen the Strait of Hormuz within 30 days, investors need to remain vigilant regarding oil market dynamics to avoid the risk of rising oil prices triggering a recession and stock market downturn.
See More
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