Oil companies slash jobs by the thousands as prices fall, tariffs rise and industry consolidates

Core Insights - U.S. oil companies are experiencing significant job cuts due to falling crude prices, higher tariffs, and industry consolidation, with 4,000 positions lost through August 2023 [1][3] - The decline in U.S. crude oil prices, which have dropped 13% this year, is attributed to increased supply from OPEC+ members, impacting profitability for shale oil producers [2] - Major U.S. oil companies, including Exxon Mobil, Chevron, and ConocoPhillips, have announced substantial layoffs as part of their restructuring plans following recent acquisitions [2][3] Industry Overview - The broader energy sector has seen a total of 9,000 job losses through August 2023, marking a 30% increase in layoffs compared to the same period in 2024 [3] - Hiring within the energy sector has drastically decreased, with only around 1,000 job openings planned, a 90% drop from over 12,000 openings in the same period of 2024 [4] Company-Specific Actions - Exxon Mobil is cutting 2,000 positions as part of its restructuring efforts [3] - Chevron plans to reduce its workforce by up to 20% through 2026 [3] - ConocoPhillips has announced a workforce reduction of up to 25% [3]