Marathon Oil Cuts 500 Houston Jobs Ahead of ConocoPhillips Takeover
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Marathon Oil Corp. warned of a “mass layoff” involving more than 500 employees at its Houston headquarters as part of the $17 billion takeover by ConocoPhillips, according to state filings.
The affected workers “may reasonably expect to experience a permanent loss of employment during the 12-month period” following closure of the transaction, Marathon said in a notice to the the Texas Workforce Commission released on Wednesday.