ConocoPhillips to slash up to 25% of its workforce — up to 3,200 jobs
Summary
ConocoPhillips plans to cut 20% to 25% of its employees and contractors worldwide as it seeks to reduce costs. The company said most cuts were expected by the end of 2025.Key Facts
- ConocoPhillips has about 13,000 employees and contractors worldwide.
- The planned cuts could affect 2,600 to 3,250 workers.
- The company said it is reviewing how to use its resources more efficiently.
- Reuters reported that CEO Ryan Lance told employees the company needed fewer roles because of rising costs.
- ConocoPhillips shares fell 4.3% on Wednesday and were down nearly 14% from a year earlier.
- The company reported second-quarter earnings of $1.97 billion, compared with nearly $2.33 billion in the same period the previous year.
- ConocoPhillips said it had identified more than $1 billion in cost reductions and margin improvements.
- The company agreed to sell its Anadarko Basin assets for $1.3 billion.
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