Houston-based ConocoPhillips (NYSE: COP) and London-based BP PLC (NYSE: BP) will make about 530 estimated job cuts in the United Kingdom and North Sea region largely because oil prices are sitting below $50 a barrel.ConocoPhillips had previously announced it was cutting its 2015 capital budget by 20 percent — despite new oil production in the North Sea — while BP had already said it was spending $1 billion to cut jobs, including in Houston, and restructure worldwide.ConocoPhillips said it launched a review in August of its UK business and is deciding to cut 230 jobs by the end of March.
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