ConocoPhillips to cut up to 25% of global workforce, affecting up to 3,250 jobs
TL;DR
- Layoffs will affect 20-25% of employees and contractors
- Cuts represent 2,600-3,250 positions out of 13,000 total
- Reductions expected mainly before end of 2025
- Company aims to save over $1 billion in costs
- Shares fell 4.3% after announcement
ConocoPhillips announced plans to eliminate between 2,600 and 3,250 jobs, representing roughly 20% to 25% of its global staff of about 13,000 employees and contractors.
The company said most of the reductions will occur before the end of 2025 as part of a broader effort to improve efficiency and cut costs.
A spokesperson noted the firm has identified more than $1 billion in cost savings and margin improvements, and it recently agreed to sell Anadarko Basin assets for $1.3 billion.
Following the announcement, ConocoPhillips' shares dropped 4.3%, trading below $95 per share, down nearly 14% from a year earlier.
Why It Matters
The scale of ConocoPhillips' workforce reduction highlights broader cost‑cutting trends in the oil industry, which can affect global energy markets, investor sentiment and employment prospects for workers in the sector, including those of Indian origin employed abroad.
Sep 4, 2025 · Updated 10/30/2026, 6:32:37 PM · Reported with: CBS MoneyWatch
Sources (1)
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