ConocoPhillips CEO Ryan Lance announced job cuts of up to 25% due to decreased competitiveness post acquisitions. Layoffs to start November 10. Lance admits prioritizing acquisitions over cost control, leading to backsliding. Industry surprised by scope of cuts, with employee frustration over lack of transparency. Executive leadership team remains intact.

Conoco’s cost per barrel rose by $2, making competition tough. $1 billion in cost savings targeted from Marathon Oil acquisition. Layoffs aim for another $1 billion in savings by 2026. Management consulting firm hired for restructuring. Uncertainty leads employees to seek other opportunities. Impact felt on U.S. oil production goals.

Read more at Yahoo Finance: ‘I fault myself for not paying more attention,’ Conoco CEO tells employees facing deep job cuts