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ConocoPhillips Announces Major Workforce Reduction to Improve Margins
ConocoPhillips Announces Major Workforce Reduction to Improve Margins
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BTCCSquare news:
ConocoPhillips (COP) is slashing its global workforce by 20-25%, affecting up to 3,250 employees and contractors. The MOVE follows its $17 billion acquisition of Marathon Oil earlier this year, which already resulted in 500 layoffs. Management expects $1 billion in cost savings from the merger, with an additional $1 billion in reductions identified last month.
The restructuring comes as controllable production costs ROSE to $13 per barrel in 2024 from $11 in 2021. A new organizational structure will be unveiled in mid-September, with a company-wide town hall scheduled to detail the changes. COP shares fell 4% on the news.
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