ConocoPhillips to begin layoffs as early as Nov 10, company says in notice to state

ConocoPhillips to begin layoffs as early as Nov 10, company says in notice to state

Oil giant ConocoPhillips has announced plans to initiate layoffs as early as November 10, impacting up to 25% of its workforce. The company, which employs approximately 13,000 people globally, confirmed the layoffs through a notice to the state, indicating that between 2,600 and 3,250 workers will be affected [1].

The layoffs are part of broader efforts by the company to cut costs and streamline operations in response to rising costs and falling oil prices. ConocoPhillips' CEO, Ryan Lance, detailed these plans in a video message earlier this week, stating that the company needed "fewer roles" [2].

ConocoPhillips reported second-quarter earnings of $1.97 billion, which exceeded Wall Street expectations but was down from the nearly $2.33 billion reported for the same period last year. The company has identified more than $1 billion in cost reductions and margin optimization, and has agreed to sell its Anadarko Basin assets for $1.3 billion [3]. Historically, CONO’s stock has shown a tendency to appreciate following earnings beats, with a 60% win rate over three days and an average return of 1.80% in such scenarios. However, this recent earnings report—while exceeding estimates—came amid broader operational challenges, including a significant year-over-year decline in profits.



The impacts in the Alaska region, where ConocoPhillips operates, are unknown. The company declined to break out layoff numbers in Alaska, as well as other regions [4].

ConocoPhillips' shares fell 4.3% on Wednesday, with the company's stock now sitting at under $95 per share, down nearly 14% from a year ago. The news of the coming layoffs was first reported by Reuters [1].

References:
[1] https://www.trentonian.com/2025/09/03/conocophillips-layoffs/
[2] https://www.khou.com/article/news/local/conocophillips-workforce-layoffs/285-c0fd2cd7-a197-4390-a58e-bbd544008a0b
[3] https://www.financialexpress.com/world-news/us-news/conocophillips-announces-major-layoffs-impacting-up-to-3250-workers/3967376/
[4] https://www.adn.com/nation-world/2025/09/03/conocophillips-says-it-will-lay-off-up-to-25-of-its-workforce-impacting-thousands-of-jobs/