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ConocoPhillips Says It Will Cut Workforce by 20-25%, Shares Fall
ConocoPhillips aims to save over $1 billion by cutting 20-25% of its 13,000 global workforce to offset rising costs and maintain competitiveness.
- ConocoPhillips is planning to lay off 20% to 25% of its global workforce, affecting between 2,600 and 3,250 employees, as confirmed by a spokesperson.
- The company's stock has fallen nearly 11% over the past year, now sitting at around $95 per share.
- CEO Ryan Lance communicated the layoff plans in a video message, citing rising costs as a reason.
- ConocoPhillips reported second-quarter earnings of $1.97 billion, down from $2.33 billion the previous year, while emphasizing cost-cutting measures including over $1 billion in reductions.
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94 Articles
Oil Company Plans to Lay Off Thousands
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...
·Miami, United States
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Coverage Details
Total News Sources94
Leaning Left13Leaning Right10Center47Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 19%
C 67%
14%
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