NEW YORK (AP) — 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.

A spokesperson for ConocoPhillips confirmed the layoffs last week, noting that 20 percent to 25 percent of the company’s employees and contractors would be impacted worldwide. ConocoPhillips currently has a global headcount of about 13,000, meaning that the cuts would impact between 2,600 and 3,250 workers.

“We are always looking at how we can be more efficient with the resources we have,” a ConocoPhillips’ spokesperson said via email, adding that the company expects the “majority of these reductions” to take place before the end of 2025.

The Houston-based company’s stock now sits at under $95 per share, down nearly 14 percent from a year ago.

News of the coming layoffs was first reported by Reuters, with anonymous sources telling the outlet that CEO Ryan Lance detailed the plans in a video message last week. In that video, Reuters reported, Lance said the company needed “fewer roles” while he cited rising costs.