Oil giant ConocoPhillips is planning to lay off up to a quarter of its workforce, amounting to thousands of jobs, as part of broader efforts from the company to cut costs.

Houston-based ConocoPhillips says it will cut up 25 percent of its global workforce as part of a broad restructuring.

U.S. oil and gas producer ConocoPhillips will cut 20-25% of its workforce as part of a broad restructuring, a company spokesperson said on Wednesday, after five sources told Reuters that CEO Ryan Lance detailed the plans in a morning video message.

ConocoPhillips is implementing a reorganization, reducing its workforce by 20-25% to cut costs amid declining oil prices and rising expenses, with most layoffs occurring

Oil giant ConocoPhillips is planning to lay off up to a quarter of its global workforce, amounting to thousands of jobs.

Reuters first reported that ConocoPhillips CEO Ryan Lance detailed the plans in a video message. Falling oil prices have led to layoffs across the sector, with BP confirming that it would reduce 5% of its staff in January,

U.S. oil producer ConocoPhillips will begin company-wide layoffs as early as Nov. 10, the company said in a state notice sent to some employees on Thursday, seen by Reuters.

President Trump wants “energy dominance,” but U.S. drillers keep shedding workers. ConocoPhillips became the latest major oil company to announce layoffs Wednesday. The Houston-based crude producer said it would cut up to a quarter of its workforce,