Sinking oil prices have prompted another round of heavy job cuts.
Royal Dutch Shell (RDSB) will slash 6,500 jobs in 2015 as part of a cost cutting drive. Another British firm Centrica (CPYYF) will shed 6,000 jobs, partly due to a reduced focus on oil and gas production.
The latest wave of job losses follow a period of relative calm for energy firms as global crude prices stabilized.
But oil has resumed its slide over the past two months and now trades just below $49 a barrel.
The American energy revolution and record OPEC output has created a massive supply glut at a time when global economic growth is depressing demand.
The prospect of more oil exports from Iran as Western sanctions are lifted is also pressuring prices.