ConocoPhillips to Cut 20–25% of Global Workforce Amid Oil Price Decline

Details of the Announcement

Energy giant ConocoPhillips says it will cut 20 to 25 percent of its global workforce later this year, citing declining oil prices. With 13,000 employees worldwide, the reduction means roughly 2,800 workers will lose their jobs.

Impact on the Oil and Gas Sector

Industry analysts say the layoffs reflect a broader trend of uncertainty in the global oil market, where production costs remain high and demand has softened. Oklahoma’s energy sector could feel indirect effects as service companies and contractors adjust to lower drilling activity.

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