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ConocoPhillips Announces 20-25% Workforce Reduction Amid Restructuring
ByAinvest
Friday, Sep 5, 2025 11:23 am ET1min read
ConocoPhillips plans to cut 20-25% of its workforce, or 3,250 jobs, as part of a restructuring to stay competitive in a volatile oil market. CEO Ryan Lance cited rising controllable costs and a decline in oil prices as factors driving the decision. The company has already identified $1 billion in savings and plans to lay out details of its new structure later this month. Shares fell 4.5% to $94.55.
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