Anadarko Petroleum Corp. (NYSE: APC) plans to cut approximately 1,000 employees, or 17% of its workforce, as part of the company’s efforts to reduce costs in the wake of the continuing oil slump, according to various media outlets. The layoffs are expected to be made across Anadarko’s business.
At the end of last year, Anadarko had about 5,800 employees, according to a filing with the US Securities and Exchange Commission.
The company reported a multibillion-dollar loss for 2015, and has cut its 2016 budget in half. Anadarko has also reduced its dividend by 81% and plans to sell assets worth a combined $1.3 billion to help fund its 2016 budget. Additionally, the company plans to monetize up to $3 billion of its assets this year.