ConocoPhillips To Cut Global Workforce By 10%, Including More Than 500 Jobs In Houston

[Purveyor]

Source: Marketwatch

By Tomi Kilgore
Published: Sept 1, 2015 3:33 p.m. ET

ConocoPhillips COP, -0.31% confirmed on Tuesday that it will reduce it global workforce by about 10%, with largest percentage occurring in North America.

The company said it currently employs 18,100 workers worldwide. In Houston alone, where the oil producer employs 3,753 workers, the company said "more than" 500 employees will lose their jobs.

"As we have assessed the implications of lower prices on our business, we've made the difficult decision that workforce reductions will be necessary," ConocoPhillips said in an emailed statement to MarketWatch.

"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."

Read more: http://www.marketwatch.com/story/conocophillips-to-cut-global-workforce-by-10-including-more-than-500-jobs-in-houston-2015-09-01

[HappyPlace]

1. Well, less demand means less exploration and drilling, I'm OK with that.

ConocoPhillips is on the explore/extract/refine side of things, with Phillips 66 being on the retail side.

We are, after all, looking for a world with very few petroleum jobs, right?

[iandhr]

2. It is a positive development if there is a lesser demand for petroleum.

However I still feel for the people who will lose there jobs as a result.

It would be a good idea if clean energy advocates purposed legislation to create a job training for the people who will laid off from their oil jobs to work in clean energy fields.


1. These workers will still be able to support their families.

2. We could refute the GOP BS argument when they say we want to kill jobs when we talk about alternate energy.

[cstanleytech]

3. ConocoPhillips doesnt happen to also be one of the oil companies that is given alot of

subsidies and or tax breaks are they? If so then maybe those subsidies need to end.