ConocoPhillips to slash up to 25% of its workforce — up to 3,200 jobs
The oil giant Conocophillips plans to fire up to a quarter of its workforce, thousands of jobs, in the context of wider efforts on the part of the company to reduce costs.
A spokesperson for Conocophillips confirmed layoffs on Wednesday, noting that 20% to 25% of the company’s employees and entrepreneurs would be affected worldwide. Conocophillips currently has a global workforce of around 13,000 – which means that the cuts would have an impact between 2,600 and 3,250 workers.
“We always examine how we can be more effective with the resources we have,” said a spokesperson for Conocophillips by e-mail, adding that the company expects “the majority of these discounts” to occur before the end of 2025.
Conocophillips actions fell 4.3% on Wednesday. Houston -based the company’s shares are now at less than $ 95 per share, down almost 14% compared to a year ago.
The news of future layoffs was reported for the first time by Reuters, anonymous sources saying to the point of sale that CEO Ryan Lance detailed the plans in a video message on Wednesday. In this video, said Reuters, Launch said that the company needed “fewer roles” when it quoted the rise in costs.
Last month, Conocophillips published profits in the second quarter of $ 1.97 billion. This beat Wall Street’s expectations, but was down compared to nearly $ 2.33 billion that the company said for the same period last year.
In his latest income, reported on August 7, Conocophillips continued to point out cost reduction efforts – noting that he had identified more than a billion dollars in cost reduction and margins optimization. The company also said that it has agreed to sell its assets from the Anadarko basin for $ 1.3 billion.
