Devon Energy has said it plans to reduce its capital spending as well as cutting its staff by 20%.
The company said the move would see the loss of around 1,000 staff as well as a further 600 employees later this year.
Earlier today Transocean revealed it would be making job losses in the Gulf of Mexico.
Chief executive Dave Hager said: “We believe the decision to adjust the quarterly dividend is prudent given the current commodity price environment and the uncertain duration of its downturn.”
Exploration and production spending is estimated to range from $900million to $1.1billion this year.
Devon reported a net loss of $4.5billion for the fourth quarter of 2015, wider than a net loss of $408million in the same period a year ago.