Estimated cuts would impact between 2,600 and 3,250 workers.
NEW YORK — Oil giant ConocoPhillips is planning to lay off up to a quarter of its workforce, amounting to thousands of jobs, as part of broader efforts from the company to cut costs.
A spokesperson for ConocoPhillips confirmed the layoffs on Wednesday, noting that 20% to 25% of the company’s employees and contractors would be impacted worldwide. ConocoPhillips currently has a global headcount of about 13,000 — meaning that the cuts would impact between 2,600 and 3,250 workers.
“We are always looking at how we can be more efficient with the resources we have,” a ConocoPhillips spokesperson said via email, adding that the company expects the “majority of these reductions” to take place before the end of 2025.
ConocoPhillips’ shares fell more than 4% by mid-afternoon trading. The Houston-based company’s stock now sits at around $95 per share, down nearly 11% from what it was a year ago.
News of the coming layoffs was first reported by Reuters, with anonymous sources telling the outlet that CEO Ryan Lance detailed the plans in a video message earlier Wednesday. In that video, Reuters reported, Lance said the company needed “fewer roles” while he cited rising costs.
Last month, ConocoPhillips reported second-quarter earnings of $1.97 billion. That beat Wall Street expectations, but was down from the nearly $2.33 billion the company reported for the same period last year.
In its latest earnings, reported on Aug. 7, ConocoPhillips continued to point to cost-cutting efforts — noting that it had identified more than $1 billion in cost reductions and margin optimization. The company also said it had agreed to sell its Anadarko Basin assets for $1.3 billion.
KHOUI 11 reached out to ConocoPhillips for a statement. Below is what the company sent.
We are always looking at how we can be more efficient with the resources we have. As part of this process, we have informed employees that a 20% to 25% reduction in our global workforce, which includes employees and contractors, is anticipated. The majority of these reductions will take place in 2025.
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