US oil giant ConocoPhillips will lay off up to 25% of its global workforce

U.S. oil giant ConocoPhillips informed its employees that it will reduce "20 to 25%" of its global workforce as part of a broad restructuring, the company confirmed to USA TODAY on Sept. 3.

Dennis Nuss, ConocoPhillips' director of media relations, said the cuts are part of "looking at how we can be more efficient with the resources we have" and that the majority of the layoffs will take place in 2025.

Reuters first reported that ConocoPhillips CEO Ryan Lance detailed the plans in a video message.ConocoPhillips CEO Ryan Lance is pictured speaking in 2024 on stage as top energy executives and ministers meet at the Gastech conference in Houston.

Falling oil prices have led to layoffs across the sector, with BP confirming that it would reduce 5% of its staff in January, Chevron reporting a 20% cut in February, and oil service company SLB announcing cuts the same month.

U.S. crude futures have decreased by about 11% so far in 2025. Reuters reported that Lance said that costs had risen to $13 per barrel in 2024 from $11 in 2021, an over 18% increase.

ConocoPhillips' net income shrank in the second quarter to about $2 billion, the lowest since March 2020, according to Reuters.

The company has about 13,000 employees globally, meaning 2,600 to 3,250 employees will be affected.

Contributing: Reuters

This article originally appeared on USA TODAY: ConocoPhillips will lay off up to 25% of its global workforce

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