AsianFin -- ConocoPhillips plans to reduce its global workforce by as much as 25% next year as part of a sweeping restructuring effort, the U.S. oil major confirmed on Tuesday.

The company told employees that between 20% and 25% of jobs worldwide will be eliminated, with the majority of layoffs scheduled for 2025, according to a statement shared with USA TODAY.

Dennis Nuss, ConocoPhillips’ director of media relations, said the cuts are aimed at improving efficiency. “This is about looking at how we can be more efficient with the resources we have,” he said.

Reuters first reported the news, citing a video message from Chief Executive Officer Ryan Lance in which he outlined the job reduction plans.