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US oil giant ConocoPhillips has told employees it will cut “20-25%” of the global workforce as part of a broad restructuring, the company confirmed to USA Today on September 3.
Dennis Nuss, media relations director at Conocophillips, said the cuts are “to look at ways to make them more efficient with the resources we have,” and that the majority of the layoffs are part of what will happen in 2025.
Reuters first reported that Conoco Phillips CEO Ryan Lance detailed the plan in a video message.
The decline in oil prices has resulted in sector-wide layoffs, with BP confirming it will cut staff by 5% in January, Chevron reported a 20% reduction in February, and oil services company SLB was cut in the same month.
US crude oil futures have fallen by about 11% so far in 2025. Reuters reported that Lance rose to $13 per 15 from $11 in 2024, a rise of more than 18%.
ConocoPhillips’ net profit shrunk to about $2 billion in the second quarter, reaching about $2 billion, according to Reuters.
The company has approximately 13,000 employees worldwide. This means that between 2,600 and 3,250 employees will be affected.
Contribution: Reuters
