Oil Giant Conocophillips Cuts 25% Of Its Workforce

2025-09-04 10:11:06

(MENAFN- Yolo Wire) Oil giant %ConocoPhillips (NYSE: $COP) is cutting 25% of its workforce as it looks to achieve efficiencies with prices for crude slumping.

Most of the job cuts will happen by the end of this year, the company said. ConocoPhillips employed 11,800 workers at the end of 2024.

Oil and gas producers are struggling to find ways to produce more at lower costs, putting a strain on their budgets and capital projects.

ConocoPhillips is also completing its $22.5 billion U.S. acquisition of Marathon Petroleum.

Earlier this year, U.S. oil major %Chevron (NYSE: $CVX) informed employees that it would layoff 15% to 20% of its workforce as part of a broader cost-cutting effort.

The labour force reductions come with Brent crude %Oil , the international standard, trading at $66.61 U.S. per barrel.

West Texas Intermediate (WTI) crude, the American benchmark, is currently trading at $62.93 U.S. a barrel.

Oil producers are bracing for prices to fall further amid reports that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is planning to further increase its oil production.

Commodities analysts say the risk of an oil glut is rising as companies produce more crude even though global demand is weakening.

COP stock is down 5% this year and trading at $94.65 U.S. per share.

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