Southwestern Energy said it will reduce its headcount by more than 40% in the first quarter as it pauses its US drilling program to cope with the decline in oil price.
The company said it expected between $60million to $70million of that to come from pre-tax charges for severance payments.
It is expected around 1,100 jobs will go, including 300 from the company’s headquarters in Houston.
In August last year the company cut around 100 jobs.
Southwestern said it has not deployed any rigs since the beginning of the year and hasn’t set its annual investment budget or operating plan.
Earlier today Schlumberger said it cut a further 10,000 jobs while also reporting a loss of $1billion during the final quarter of last year.
