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5h ago

ConocoPhillips to Cut 20%–25% of Global Workforce in Cost-Focused Restructuring

The company is targeting cost efficiency, with most reductions expected before year-end.

ConocoPhillips CEO Ryan Lance is pictured speaking in 2024 on stage as top energy executives and ministers meet at the Gastech conference in Houston.
The entrance to oilfield service provider SLB's office in Houston, Texas, showing the former Schlumberger's new name and logo, is seen in this handout image taken June 2023. Courtesy of SLB/Handout via REUTERS/File Photo
A Chevron logo at the Chevron building in Houston, Texas, U.S. August 19, 2025. REUTERS/Kaylee Greenlee/File Photo
FILE - Laid-off workers from a Philadelphia-area ConocoPhillips oil refinery and others listen to speakers at a labor union-organized rally in the state Capitol on Feb. 8, 2012, in Harrisburg, Pa. (AP Photo/Marc Levy, file)

Overview

  • The reduction covers employees and contractors and equates to about 2,600 to 3,250 roles based on a roughly 13,000 headcount.
  • CEO Ryan Lance outlined the plan in an internal video, with employee forums and a town hall set for Thursday to discuss next steps.
  • ConocoPhillips will publish a new organizational structure in mid-September, with implementation staged through 2026 after initial cuts begin in the fourth quarter.
  • Management cited rising controllable costs of about $13 per barrel in 2024 versus $11 in 2021 and second-quarter net income near $2 billion, the weakest since March 2021.
  • Shares fell roughly 4%–5% on Wednesday, and the overhaul follows work with Boston Consulting Group under the “Competitive Edge” program and post–Marathon Oil integration.