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ConocoPhillips

Posted: Sep 01, 2015 2:02 PMUpdated: Sep 01, 2015 8:47 PM

ConocoPhillips to Cut Workforce Worldwide

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Diane Coston

With the current volatility of the energy market and in particular, the price of crude oil, ConocoPhillips announced on Tuesday that 10 percent of the global workforce will be cut. The current workforce stands at 18,100 employees. The largest portion of the job cuts will likely be in North America as 500 jobs are expected to be cut at the corporate office in Houston. Low oil prices during the second quarter added to the decision to make job cuts in order to make ConocoPhillips stronger and more competitive. A company spokesperson in Bartlesville said that “more will be known in the coming weeks as a formal process is completed' and “ConocoPhillips is committed to treating all employees with respect and fairness throughout the process.”

Company shares fell more than three percent on news of Tuesday's job cutting measure.


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