A second round of layoffs is expected at ConocoPhillips as the company continues to cut costs after last year's drop in oil prices.
The announcement comes just as many analysts are seeing a positive trend in the market - in fact, at one point, even a profitable trend.
It's a story we've heard since fall of last year - the oil and gas industry cutting jobs as gas prices fell to all-time lows.
It’s a story that has a big impact in Oklahoma.
According to the State Chamber, the industry is the largest source of state tax revenue and the largest source of private capital spending in the state. But, as prices go back up, cuts are still being announced.
TU professor, Tom Seng said, "It's really kind of a shock that they're in a situation that they're doing that again."
ConocoPhillips announced last month it will cut six percent of its global workforce, mainly here in the United States.
"This is tough to see, especially when we're talking about a major one like ConocoPhillips," Seng said.
We wanted to know how it might affect Bartlesville, one of the company's hubs. When contacted about the possibility of job cuts here, a Bartlesville company spokesperson said.
“ConocoPhillips has undertaken a series of cost reducing measures over the last 18 months in response to the downturn…As far as what the impact will be to Bartlesville, since we're still early in the process...we will know more in the next several weeks."
Meanwhile, Seng said, even though cuts would hurt, this side of the state is equipped to deal with them.
"This sort of offset on the one side, unfortunately, that's producing the energy commodity is suffering, but, those who consume it, and transport it and store it, and those things, seem to be doing okay as well, and I think, from that perspective, we are much more diversified than Oklahoma City," Seng said.
Currently, there are 1,400 people employed at the Bartlesville ConocoPhillips location.