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Chevron, Exxon and BP cut oil jobs as U.S. extraction employment sinks
U.S. oil and gas extraction employment fell to 114,500 in June, the second-lowest June level in Bureau of Labor Statistics records, even as production nears record highs.
Oil and gas extraction employment in the United States declined again in June, falling to 114,500 workers, according to OilPrice. The outlet said the figure marked the second-lowest June on record, only higher than the pandemic low in 2021.
Oil majors are also trimming headcount, even while output trends remain strong. OilPrice reported that Chevron plans to cut up to 9,000 jobs in 2026, roughly a fifth of its global workforce, as it digests its $53 billion Hess deal.
The reductions are broad across major producers. OilPrice said ExxonMobil trimmed 2,000 jobs, BP shed more than 5% of staff and cut 3,000 contractors, ConocoPhillips reduced employment by 20% to 25%, and Imperial Oil plans to cut a fifth of its workforce and shut its Calgary office.
OilPrice added that the drop is not tied directly to renewable energy, pointing instead to automation, mergers, and shifting investor preferences. It also noted that extraction jobs have fallen in the May-to-June period in 7 of the last 11 years, though the specific figures are subject to revisions.