ConocoPhillips to Lay Off Another 1,000 Energy Workers
July 21 2016 - 07:20PM
Dow Jones News
ConocoPhillips, one of the largest U.S. shale producers, is
cutting another 6% of its workforce.
The Houston-based company confirmed Thursday that it will lay
off about 1,000 employees this year, mostly from North American
energy jobs in the U.S. and Canada. The cuts were outlined in a
town hall meeting with management Thursday.
In the past 18 months, ConocoPhillips in response to the
downturn has slashed spending, including deferring certain
oil-and-gas drilling projects and laying off thousands of workers
since the summer of 2015.
"We have taken several steps as a company to adapt to lower and
more volatile prices and strengthen our position coming out of the
downturn," said Daren Beaudo, a spokesman for the company. "Over
the past couple years, we've significantly reduced our capital
activities and finished some major projects, which left us with
more organizational capacity than we need."
Also this week, Royal Dutch Shell PLC laid off 190 offshore
workers from its deepwater Gulf of Mexico operations, or roughly
25% of that division. The cuts were part of Shell's previously
announced plan to trim 2,200 positions globally this year, said
Kimberly Windon, a company spokeswoman.
"We are making these changes in order to remain competitive and
better position Shell's Gulf of Mexico projects for future growth,"
she said.
Write to Lynn Cook at lynn.cook@wsj.com
(END) Dow Jones Newswires
July 21, 2016 19:05 ET (23:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
ConocoPhillips (NYSE:COP)
Historical Stock Chart
From Feb 2024 to Mar 2024
ConocoPhillips (NYSE:COP)
Historical Stock Chart
From Mar 2023 to Mar 2024