ConocoPhillips to cut more jobs in Houston, globally; 1,800 employees

Houston-based ConocoPhillips (NYSE: COP) plans to cut even more jobs as oil prices remain low and the industry downturn continues.The oil giant plans to cut 1,800 employees, or 10 percent of its workforce worldwide, mostly from North America, spokesman Daren Beaudo confirmed Sept. 1. About 1,000 core contractors also are expected to be cut.In Houston, more than 500 of ConocoPhillips’ 3,753 local employees will be cut. “We’ll know more in the next several weeks as we work through our formal process,” Beaudo said via email. “Our industry is undergoing a dramatic downturn, which has caused us to look at our future workforce needs. As we have assessed the implications of lower prices on our business, we’ve made the difficult decision that workforce reductions will be necessary. We have taken several significant steps as a company to strengthen our position, including reducing our capital spending and future deepwater exploration program. However, the workforce reductions are necessary to become a stronger, more competitive company.”

Source: ConocoPhillips to cut more jobs in Houston, globally – Houston Business Journal

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