ConocoPhillips Shares Plummet 4.38% as Workforce Cuts Drive $930M Trading Volume to 89th Rank

On September 3, 2025, ConocoPhillips (COP) recorded a trading volume of $0.93 billion, a 81.44% increase from the previous day, ranking 89th in market activity. The stock closed down 4.38%, reflecting investor reaction to corporate restructuring plans.

ConocoPhillips announced plans to reduce its global workforce by 20-25%, impacting approximately 2,600 to 3,250 employees out of its 13,000-strong workforce. The cuts, part of a broader cost-cutting initiative, will accelerate before year-end, with a new organizational structure to be finalized by 2026. CEO Ryan Lance emphasized the move as necessary to address rising operational costs, which have increased $2 per barrel since 2021, straining profitability. The company has already identified over $1 billion in cost-reduction measures, building on prior savings from its Marathon Oil acquisition.

Internal restructuring, dubbed "Competitive Edge," involves external consulting firm Boston Consulting Group. A town hall meeting is scheduled for September 5 to address employees. The announcement follows a second-quarter net income of $2 billion, the lowest since early 2021, as oil prices declined amid heightened global supply competition. Analysts note the move aligns with broader industry trends, as energy firms adjust to volatile markets and margin pressures.

The stock has lost 4.7% year-to-date, underperforming the S&P 500 Energy Index, which gained 5% over the same period. Executive commentary highlighted the challenge of balancing efficiency gains with operational resilience in a low-margin environment.