From Yahoo Finance: 2025-04-22 18:49:00

ConocoPhillips, a major U.S. oil and gas producer, plans to cut staff after its acquisition of Marathon Oil. The industry faces pressure with oil prices around $63 a barrel, making it difficult for companies to profit. Layoffs have also been announced by Chevron and SLB earlier this year.

The company has hired Boston Consulting Group to assist with restructuring and layoffs. Operations are being centralized and functions are being reorganized. Details of the layoffs are expected in the fourth quarter of this year, with the company having around 11,800 employees in 14 countries as of 2024.

ConocoPhillips has made significant acquisitions in recent years, including Marathon Oil, Shell’s assets in the Permian Basin, and Concho Resources. Layoffs in 2020 due to the pandemic and low energy demand affected hundreds of employees. The company is also looking to divest some assets, like those in Oklahoma from the Marathon Oil acquisition.

Read more: ConocoPhillips plans layoffs as part of broad restructuring