ConocoPhillips to Cut 1,800 Jobs as Oil Downturn Seen Prolonged
- Fourth-largest U.S. oil company to eliminate 10% of jobs
- Company spokesman says steps taken amid 'dramatic downturn'
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ConocoPhillips, the fourth-largest U.S. oil company, plans to reduce its workforce by 10 percent in the latest sign that the energy industry is preparing for a longer downturn.
Most of the 1,800 jobs being lost will come from North America, including more than 500 from Houston, Daren Beaudo, a spokesman for the Houston-based oil and gas producer, said in an e-mailed message Tuesday. “Our industry is undergoing a dramatic downturn, which has caused us to look at our future workforce needs,” he said.