SHARE
Image courtesy of Statoil.

Norway-based Statoil cut 1,000 jobs during the second quarter, the company said Friday.

Statoil confirmed that it has undertaken a program to reduce costs and improve capital efficiency.

In June, Norwegian newspaper Stavanger Aftenblad reported that hundreds of Statoil employees received emails from management informing them of possible upcoming staff reductions.

The emails encouraged employees to apply for vacant positions that were being advertised internally, and talked about severance packages and early retirement programs.

Statoil President and CEO Helge Lund said the total number of jobs cuts might range from 1,100 to 1,400 positions.

Before the cuts, Statoil employed about 23,000 people according to the company’s website.

“We have also established six specific high-impact projects addressing technical efficiency across the company, and we are now executing the first wave. We are on track, and will provide an updated status when we report our results for the full year,” said President and CEO Helge Lund.

Statoil had a second quarter net operating income of US$5.14 billion (NOK 32.0 billion), a decrease of US$370 million (NOK 2.3 billion) compared to the second quarter of 2013.

Adjusted earnings were US$ 5.19 billion (NOK 32.3 billion), down 15 percent compared to the second quarter of 2013.