US oil company APA laid off nearly 15% of staff in January, February

U.S. oil producer APA has cut nearly 300 employees globally in January and late February, the company confirmed to Reuters on Wednesday.

The layoffs are part of the cost-cutting plans APA had announced in January.

The company had said in February it reduced its corporate office count by more than one-third.


The total number of layoffs was first reported by Bloomberg News earlier on Wednesday.

The news comes days after APA and its partners announced a successful oil discovery on their shared acreage in Alaska's North Slope.

The oil industry has been consolidating in recent years, focusing on mergers, operational efficiency and returns to shareholders.

Other oil companies have looked into optimizing operations as well. Chevron said last month it would lay off 15% to 20% of its global workforce by the end of 2026 as it seeks to cut costs, simplify its business and complete a major acquisition.