Anadarko Petroleum said Thursday that it will cut 17 percent of its workforce in response to weak crude prices.
According the Denver Post, the company will lay off 1,000 employees across the company, or about 17 percent of its total workforce.
The Houston-based company has not disclosed how the cuts will be distributed.
“We’ve been very carefully evaluating what our staffing levels should be, given the current downcycle. These are our co-workers and friends, so this has been a difficult day,” an Anadarko spokesperson told Bloomberg.
Earlier this month, the company said it will cut its 2016 capital budget in half from year ago levels as it slashes its U.S. rig count.
The company will reduce its U.S. onshore rig count by 80 percent to five operated rigs, down from an average of 25 in 2015, while focusing on base production and “retaining flexibility” to leverage its inventory of about 230 drilled but intentionally uncompleted wells.
Last month, Anadarko cut its quarterly dividend on its common stocks to $0.05 per share, down $0.22 per share from prior levels.
The company expects the dividend reduction to provide $450 million of additional cash.
Anadarko reported a fourth quarter net loss attributable to common stockholders of $1.250 billion, or $2.45 per diluted share and a full year net loss attributable to common stockholders of $6.69 billion, or $13.18 per diluted share.