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Repsol to trim 6% of its workforce to survive slumping oil prices

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The job cuts are part of a three-year strategic plan for 2016-2020

Repsol (OTCMKTS:REPYY), a Spanish energy company, plans to cut 6% of its workforce by 2020, or about 1,500 job cuts for the company's roster of 25,000 employees.

In a letter to employees on Thursday, the Madrid, Spain-based company said the cuts are part of a three-year strategic plan for 2016-2020 aimed at making the company more efficient and ensuring its viability.

Low global oil prices have forced many energy companies around the world to significantly trim costs.

In July, Repsol reported a 44% year-over-year drop in second-quarter profit, as strong refining results failed to make up for the effect of falling crude prices.

ADRs of Repsol have lost have their value over the past year to close at $11.65 on Wednesday.

 

 

Quick facts: Repsol

Price: 16 USD

OTCMKTS:REPYY
Market: OTCMKTS
Market Cap: $23.23 billion
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