ConocoPhillips (COP) to cut up to 25% of workforce

Oil giant ConocoPhillips (COP) plans to lay off up to 25% of its workforce, impacting between 2,600 and 3,250 workers globally. The company aims to cut costs and increase efficiency, with majority of reductions expected before the end of 2025. ConocoPhillips’ shares fell 4.3% to under $95 per share, down nearly 14% from last year.

CEO Ryan Lance detailed the layoffs in a video message citing rising costs. Despite beating Q2 earnings expectations with $1.97 billion, the company reported a decline from the previous year’s $2.33 billion. ConocoPhillips has identified over $1 billion in cost reductions and agreed to sell Anadarko Basin assets for $1.3 billion.