ConocoPhillips Expects to Cut More Jobs

ConocoPhillips says it expects to cut 200 more jobs than previously forecast. The company says worldwide there will be 3,100 positions eliminated as it reorganizes its business units and cuts spending. The compnay disclosed the new target for job cuts in a first-quarter earnings report filed the Securities and Exchange Commission. Earlier this year ConocoPhillips had estimated it would cut 2,900 positions. So far 1,150 employees were fired in the first quarter, in addition to 775 terminated last year. The company employs approximately 57,000 people worldwide, with the majority located in the United States.

Phillips Petroleum acquired Conoco last August and expects to realize $1.25 billion in cost savings and other "synergies" when merger-related changes are completed next year.