Apache Corp. (NYSE: APA) and Schlumberger Ltd. (NYSE: SLB) both confirmed Jan. 15 that they will reduce staff as oil prices continue to wreak havoc on exploration and production (E&P) companies and oilfield service companies alike.

Castlen Kennedy, Apache’s director of public affairs, said Jan. 15 the company will reduce about 5%, or less than 200, of its total global workforce of 5,000.

Schlumberger said it will cut about 9,000 employees globally.

In December, BP Plc (NYSE: BP) said it would spend $1 billion as it cut thousands of jobs. And the San Antonio-based Lewis Energy Group said Jan. 14 that it would trim about 20% of its workforce, the San Antonio Express News reported. The company was one of the earliest to drill in the Eagle Ford.

Raoul Nowitz, managing director with SOLIC Capital Advisors, said he believed that BP would be the first in a wave of energy company restructurings.

In November, Apache put out a preliminary 2015 plan to competitively grow production and deliver strong economics. In 2014, the company produced 63% of its volumes from onshore North America compared to 34% in 2009.

The company said it has concentrated on minimizing costs in the Eagle Ford, Canyon Lime and Canada’s Duvernay and Montney. Apache also added 100 professionals companywide, including about 65 employees in San Antonio.

Kennedy said Apache’s employee cuts are not concentrated in any one area or in any one division and were made only after other efforts, including slowing activity, reducing the budget and dropping rig counts.

In Apache’s 60-year history, the company has survived many ups and downs because of its fiscal discipline.

“Apache has always taken a very conservative approach when comes to balance sheet,” she said. While the decision to part with employees is very difficult, “we do everything we can to put us in the best position possible to weather the storm.”

A Jan. 15 Baird Energy report said Apache is leading the E&P industry “in what will likely be widespread headcount reductions amid this new lower hydrocarbon pricing environment.”

Schlumberger also announced it would cut 7% of its worldwide workforce of about 120,000. Schlumberger recorded a $296 million charge associated with the headcount reduction for a total of nearly $1.9 billion in impairments in the fourth quarter of 2014.

“In response to lower commodity pricing and anticipated lower exploration and production spending in 2015, Schlumberger decided to reduce its overall headcount to better align with anticipated activity levels for 2015,” the company said.

In December, Halliburton Co. (NYSE: HAL) said it was trimming staffing by 1,000 across the Eastern Hemisphere, said Dan Leben, senior analyst, Baird Energy. Halliburton made the reductions across Europe, Asia, Africa and the Middle East, according to company media statements.

The company is also cutting capex by 25% compared to 2014, said Bill Herbert, managing director and co-head of securities for Simmons & Co. International.

“Presuming SLB is targeting capital spending intensity in the vicinity of about 8% of revenues (our presumption rather than SLB guidance), this implies $35-40 billion of expected revenue generation in 2015, down 20% year-over-year,” Herbert said.

Operationally, the company had a solid quarter but “outsized charges point to the duress that is looming on the very near horizon and the complexities in its production management business model,” he said.

The company reported that, primarily as a result of the decline in commodity prices, the carrying value of its development project in the Eagle Ford Shale was in excess of its fair value. Schlumberger recorded a $199 million impairment charge as a result.

Schlumberger also recorded charges in West Africa of $800 million due to the expectation of lower exploration spending because of lower commodity prices. The company will restructure its WesternGeco marine seismic fleet in order to lower its operating costs. The company said it did not incur any significant cash expenditures as a result of the charges.

Schlumberger also recorded a $472 million charge related to Venezuelan currency devaluations.

James Crandell, managing director, Cowen & Co., said the company’s North American revenues and operating margins of $4.3 billion were above its $4.1 billion estimates, respectively.

“The segment benefited from stronger-than-expected pressure pumping activity in the U.S. and Western Canada, as well as high-margin Gulf of Mexico multiclient sales,” Crandell said. “It also benefited from increased customer acceptance of its BroadBand fracturing technology.”

Crandell said that while the company’s earnings per share of $1.50 beat consensus estimates of $1.46, “investors will place more importance on management’s comments … relating to its 2015 outlook.”