Newswire — Oil and natural gas producer ConocoPhillips plans to cut 20% to 25% of its workforce. The majority of the reductions will occur this year, a company spokesman said. ConocoPhillips has informed employees of the cuts, he said.
“We are always looking at how we can be more efficient with the resources we have,” ConocoPhillips spokesman Dennis Nuss said in an email.
The job cuts include both employees and contractors. They were reported earlier by Reuters.
The company plans to hold a town hall meeting Thursday, according to Reuters.
Houston-based ConocoPhillips acquired Marathon Oil Corp. in November for about $17 billion. The previous month, Marathon warned of layoffs involving more than 500 employees.
It was not immediately clear Wednesday whether the layoffs are related to the Marathon acquisition.
ConocoPhillips expected to make $500 million in cost and capital savings in the first year of the takeover.
ConocoPhillips shares fell 4.6% Wednesday as crude prices and other energy stocks declined.
*David Wethe – Bloomberg
