ConocoPhillips (COP) plans to reduce its global workforce by 20% to 25%, affecting up to 3,250 employees and contractors. This restructuring aims to boost margins and cut costs after the $17 billion Marathon Oil acquisition. Controllable production costs at $13 per barrel, $2 above peers, prompting $1 billion in cost savings. New organizational structure and management team to be unveiled in September.

Read more at Yahoo Finance: ConocoPhillips (COP) Announces Its Plans to Reduce Its Global Workforce by 20% to 25%