ConocoPhillips is planning to cut about 1,000 jobs this year with the bulk of the cuts expected to hit workers in North America.
According to the Wall Street Journal, the Houston-based firm will trim its headcount by about 6 percent.
That reduction is expected to impact about 1,000 jobs, with most of the cuts being made in the United States and Canada.
Hundreds of employees working in Texas shale plays are expected to be affected by the reductions, the Wall Street Journal said.
As many as 300 jobs in Canada may also be cut as part of the plan, the Calgary Sun said.
The majority of the job cuts in Canada are expected to impact employees in Calgary.
Further details about the job cuts have not been disclosed yet.
Regulatory filings seen by the Wall Street Journal showed that ConocoPhillips has eliminated 3,400 jobs since oil prices began falling in late 2014.
“Over the past couple years, we’ve significantly reduced our capital activities and finished some major projects, which left us with more organizational capacity than we need,” a ConocoPhillips spokesman told the Alaska Dispatch News.
ConocoPhillips reduced its capital expenditure budget by $700 million in April after reporting a $1.46 billion loss for the first quarter.