ConocoPhillips plans to lay off about 25%, or around 500, of its Houston headquarters employees starting Feb. 1, as it cuts costs and prepares to acquire Concho Resources in early 2021 (OGJ Online, Oct. 19, 2020).
The executives’ goal is to save $500 million in cost and capital through 2022. Administrative and oil-exploration jobs will be majorly affected.
The process to determine the exact number of impacted employees is ongoing. However, the company anticipates the number of reductions in Houston could meet the threshold of 500 or more.
Those who are leaving the combined company will receive 60-days advance notice, severance, and services to help employees find new jobs.
ConocoPhillips posted a loss of $1.93 billion through the first 9 months of this year, compared with a $6.47 billion profit in the same period last year.
