Sep. 3 at 4:53 PM
ConocoPhillips to Cut Up to 25% of Workforce, Shares Fall
ConocoPhillips will reduce 20–25% of its global workforce, including employees and contractors, mostly by the end of 2025. The company had ~11,800 employees as of Dec. 31, 2024.
Shares fell 3.9% Wednesday, down 4% YTD, underperforming the SPDR S&P Oil & Gas E&P ETF (XOP), down 1.9%. The drop follows reports OPEC+ may raise oil production.
Other oil producers have also cut costs: Marathon Oil laid off 500 employees last year before COP’s
$22.5B acquisition, and Chevron announced 15–20% workforce reductions earlier this year.
$CVX $XOP $COP $MRO