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Posted: Jan 29, 2015 3:16 PMUpdated: Jan 29, 2015 4:40 PM

ConocoPhillips to Work to Control Costs

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Charlie Taraboletti

Rumors continue about Bartlesville's major employers and the local jobs picture in light of lower crude oil prices and corresponding profit margins.  ConocoPhillips announced a net fourth-quarter loss on Thursday.  Local spokesman, David Austin says the company did not  announce layoffs as part of the financial announcement.  Austin went on to say that ConocoPhillips managers did say in a mid-day call with analysts that, in addition to reducing the company's capital in 2015, it was implementing actions to control costs, focusing on  controllable spending.  

Austin says as with ConocoPHillips's capital program, the corporation will defer, delay or eliminate controllable costs where it can.  According to Austin, as part of the cost controls, ConocoPhillips managers are reviewing workforce levels in light of a potential for an extended period of low prices. Corporate officials informed their workforce that reductions should be expected.

Austin says ConocoPhillips currently has no more definitive comments than that. It will keep  employees informed throughout this review period.  Austin goes on to say that in regard to ConocoPhillips presence in Bartlesville, the company's commitment has not changed. ConocoPhillips has been - and will continue to be - a strong part of the community.

Phillips 66 made similar cost-control measures public earlier this month.
 


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