ConocoPhillips plans layoffs as part of broad restructuring
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It’s been said before but the layoffs never end. They are always lurking in the background, waiting for the ELT to decide they need some news to show they’re serious about increasing shareholder value. Can’t find big new fields like other companies? No problem. Big, glitzy merger didn’t get the desired love from Wall Street? That’s ok. Revenue isn’t up to scratch? There’s a solution to that.
Announce layoffs and look like you know what you’re doing!
Ditch those pricey eggheads with all their fancy experience and knowledge. That’s what contractors are for!
Dump the enthusiastic early and mid-career folks with their high and mighty ideas for change and advancement. You can bring in cheaper new hires!
Why have hooman beans do your day to day work when that’s what AI is for!
SPIRIT values!
Better not cut the people who set oil prices. They’re the only ones who add value here. All other work is a waste of time, energy, and money
It’s been planned since before the marathon takeover. Don’t think for a second this is something new or surprising.
No way! Why am I learning about this here?
Must not have read the emails from last November.
https://www.reuters.com/business/world-at-work/conocophillips-plans-layoffs-part-broad-restructuring-2025-04-22/
You heard it here first.
ConocoPhillips (COP.N), a top U.S. oil and gas producer, plans to cut staff, the company said on Tuesday, amid a broad push to rein in costs and streamline operations after its $23 billion buyout of rival Marathon Oil.
Summary
Company has hired Boston Consulting Group to advise on restructuring, sources say
Company has started restructuring its operations; corporate and support functions to follow
Layoffs expected in Q4; firm has not determined size of cuts