The oil industry's job cuts continue, with Apache Corp. (APA) reportedly cutting nearly 15%.

Apache Corp. (APA.US) is reported to have cut about 300 jobs globally in January and February, or 10%-15% of its total 2,300-plus employees, as the oil company seeks to reduce its overall cost structure and ensure long-term competitiveness, a spokesperson said. The oil industry is in a consolidation phase, focusing on mergers, operational efficiency and shareholder returns, driving a wave of job cuts. Chevron Corp. (CVX.US) and BP PLC (BP.US) announced earlier this year they plan to cut a total of up to 13,700 jobs, while Marathon Oil Corp. and Pioneer Natural Resources Co. have cut jobs as they were acquired by larger competitors. Apache is the worst-performing energy stock in the S&P 500 over the past 12 months, falling 37%, as investors worried about the company's spread-out business. The company said in November it would close its North Sea business by 2029 and planned to save $350 million annually by 2027. But Raymond James analyst John Freeman recently said: "The size and timing of cost savings have been disappointing relative to our expectations. Given the current uncertainty in oil prices, we believe it is prudent to temper expectations." Apache shares rose 3.17% to $20.81 at the close of trading Wednesday.