ConocoPhillips to Trim 6% of its Workforce

ConocoPhillips to Trim 6% of its Workforce
Houston-based ConocoPhillips will lay off 6 percent of its workforce with a majority of the cuts in North America.

ConocoPhillips will lay off approximately 6 percent of its global workforce, the exploration and production (E&P) company confirmed to Rigzone in an email.

ConocoPhillips, which has headquarters in Houston, has undertaken a series of cost-reduction measures over the last 18 months in response to the industry downturn, ConocoPhillips spokesperson Daren Beaudo told Rigzone.

Beaudo said ConocoPhillips has significantly reduced its capital activities and finished some major projects, leaving the company with “more organizational capacity” than it needs.

“We have been transparent with employees that we will have targeted workforce reductions in certain areas of our business to align our organizational capacity with future activity levels,” Beaudo said.

North America will be impacted the most by the job cuts.

In February, ConocoPhillips chairman and CEO Ryan Lance said oil and gas companies would have to plan for the worst case scenario in the case oil prices remain low.

The company lowered its 2016 capital budget 11 percent to $5.7 billion in April, which was driven primarily by cuts to deepwater exploration, deferrals and lower costs across the portfolio, Bloomberg reported.    

Beaudo said more details regarding workforce reductions will come in upcoming weeks as the company works through its formal process.

Valerie is an experienced writer and editor dedicated to providing useful and relevant career news about the oil and gas industry. Email Valerie at valerie.jones@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Valerie Jones
Editor, Careers | Rigzone
 -  A Day in the Life of ... Patricia Mori... (Sep 28)
 -  Dallas Fed: Worst of Oil Bust Over (Sep 28)
 -  Freeport-McMoRan Makes Further Job Cut... (Sep 22)
 -  ExxonMobil: Population, Economic Growt... (Sep 21)
 -  BLOG: Are We There Yet? Oil, Gas Worke... (Sep 19)


Most Popular Articles

From the Career Center
Jobs that may interest you
Security Instructor Job
Expertise: HR - Trainer / Instructor|Security
Location: Township of Welch, MN
 
Administrative Assistant II
Expertise: Secretarial or Administrative
Location: Houston, TX
 
Data Control Clerk I
Expertise: Business Analyst|Document Control
Location: Chesapeake, VA
 
search for more jobs

Brent Crude Oil : $48.69/BBL 5.91%
Light Crude Oil : $47.05/BBL 5.32%
Natural Gas : $2.952/MMBtu 1.60%
Updated in last 24 hours