Texas-based energy company ConocoPhillips will cut about 10 percent of its global workforce, with the largest percentage occurring in North America, it confirmed to CNBC.
Its pre-reduction workforce numbers 18,100 people.
“As we have assessed the implications of lower prices on our business, we’ve made the difficult decision that workforce reductions will be necessary,” wrote Daren Beaudo, director of communications, in an email to CNBC.
“We are committed to treating all our employees with respect and fairness during this process.”
Beaudo said that more information will be available in the coming weeks. The company currently employs 3,753 workers in its Houston headquarters where the reductions are expected to impact about 500 workers.