ConocoPhillips Trading Volume Surges 39.35% to $693 Million Ranking 133rd in Daily Volume

On April 23, 2025, ConocoPhillips (COP) saw a trading volume of $693 million, marking a 39.35% increase from the previous day. The stock ranked 133rd in terms of trading volume for the day, with COP rising 0.19% and experiencing a 2.72% gain over the past two days.

ConocoPhillips, a prominent US oil and gas producer, has announced plans to reduce its workforce as part of a broader initiative to cut costs and streamline operations following the company's $23 billion acquisition of Marathon Oil. The oil and gas sector is currently facing financial challenges as companies struggle to maintain profitability with oil prices around $63 per barrel. The planned layoffs at ConocoPhillips reflect wider industry trends, with other oil giants also announcing job cuts earlier this year. To guide its restructuring, ConocoPhillips has enlisted the services of Boston Consulting Group. The internal project, dubbed 'Competitive Edge', aims to centralise certain functions and reorganise both operational and corporate sectors. The specifics of the layoffs are expected to be disclosed in the fourth quarter, with the company yet to determine the extent of the staff reductions. As of the end of 2024, ConocoPhillips employed approximately 11,800 individuals across 14 countries. The company has grown significantly through major acquisitions including the purchase of Marathon Oil, Shell's Permian Basin assets and Concho Resources. However, the industry has faced difficulties, with ConocoPhillips previously laying off up to 500 Houston employees in 2020 due to the Covid pandemic's impact on energy demand and prices. In addition to the restructuring, ConocoPhillips is reportedly looking to divest some assets including oil and gas holdings in Oklahoma acquired from Marathon Oil. These moves are part of the company's strategy to optimise its portfolio and focus on core areas of business.