Big Oil is handing out more pink slips as it grapples with a world of cheap oil.
ConocoPhillips (COP), one of America’s largest energy companies, disclosed plans on Tuesday to cut about 1,800 jobs. The biggest chunk of layoffs will take place in North America, including more than 500 just in Houston.
The oil giant cited a “dramatic downturn” rippling through the industry for the cuts.
The tumble in oil prices has been great for American car drivers, but energy workers have been hit hard.
A massive glut in oil has caused prices to plunge from over $100 a barrel last year to as low as $38 last week. Prices remain extremely volatile, making it difficult for energy companies to plan for the future. Companies of all stripes have significantly slashed spending.
Despite a recent rebound in prices, few anticipate a return to triple-digit prices for at least several years.