North Sea jobs could go at ConocoPhillips, the third biggest American oil and gas company.
A spokeswoman in Aberdeen confirmed yesterday that a review of staffing needs against budgets was being carried out in each individual business unit, however, she said it was too early to say what the outcome might be.
ConocoPhillips employs about 600 staff and contractors at its Aberdeen operation.
The company announced earlier this month that it was cutting its capital spending by 38% this year to £8.5billion and axeing about 1,300 jobs or some 4% of its workforce globally.
ConocoPhillips reported huge fourth-quarter losses yesterday after making profits a year earlier as its results were hit by more than £24billion in asset writedowns and lower crude oil prices.
It warned investors two weeks ago it would need to write down the value of some of its exploration and production assets because of falling equity and commodity prices. Conoco said net losses for the quarter were £22.7billion compared with profits of £3.14billion a year earlier. Revenue for the period fell 15.5% to £31.78billion.
Daily production averaged 1.87million barrels of oil equivalent per day (boepd), an increase from 1.84million boepd a year earlier.
The company said production from new developments, primarily in the UK, Russia, Canada, Norway and Indonesia, had more than offset declines in mature fields since the fourth quarter of 2007.
Oil producer Hess posted fourth-quarter net losses yesterday, blaming the retreat of oil prices and flagging demand for products.
The company, which has operations worldwide including in UK waters, posted losses of £52.85million compared with profits of £416.43million a year earlier. Revenue for the period fell to £5.18billion from £6.78billion a year before.