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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 4.3% Wednesday. The Houston-based
company's stock now sits at under $95 per share, down nearly 14%
from 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.
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