US oil major ConocoPhillips has announced plans to lay off up to 25% of its workforce, as part of its cost-cutting measures.
ConocoPhillips will be laying off between 20% and 25% of the company’s employees, and contractors will be impacted worldwide.
The company had a global headcount of 11,800 workers as of December 31, 2024. According to reports, that number stands at around 13,000. This means that the cuts would impact between 2,600 and 3,250 workers. The oil major expects the majority of these reductions will take place before the end of 2025.
Media outlets reported that ConocoPhillips CEO Ryan Lance said in a video message that the company needed “fewer roles” due to rising costs.
There were several oil companies that recently laid off workers. Namely, Marathon Oil laid off 500 employees in Houston last year before being taken over by ConocoPhillips.
Chevron revealed earlier this year that it would lay off 15% to 20% of its workforce as part of a broader cost-cutting effort.
