US oil giant Chevron could cut up to 7,000 jobs.
The firm made the announcement earlier today however it hasn’t said when it will happen.
It follows a fall in its profits in the third quarter of this year.
Chevron’s average price for a barrel of crude oil and natural gas liquid plummeted 51.7% from $87 (£56/Bbl) a year ago to $42 (£27/Bbl).
It added plans to axe its capital spending to $25 billion (£16.23bn) – $28 billion (£18.17bn) in 2016 – down 25% from this year’s budget.
Chairman and CEO John Watson said: “We expect further reductions in spending in 2017 and 2018, to the $20 billion (£13bn) to $24 billion (£16bn) range, depending on business conditions at the time.”
A recent report stated UK oil and gas firms “could tap into a a £20 billion reservoir”.
Tata Steel confirmed nearly 1,200 jobs will be lost in the UK earlier this week.