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ConocoPhillips plans layoffs as part of broad restructuring
Posted on 4/23/25 at 8:50 am
Posted on 4/23/25 at 8:50 am
quote:
HOUSTON (Reuters) - ConocoPhillips, 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.
The job cuts are the latest sign of pain in the oil and gas industry, which is facing higher costs and lower revenues as prices hover around $63 a barrel. Many companies say they cannot drill profitably if oil prices fall under $65 a barrel.
Oil giants Chevron and SLB announced their own layoffs earlier this year.
quote:
ConocoPhillips has started by restructuring its operations and announced it would centralize some functions, two sources added.
The company previously had six operating segments: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International, according to its annual report.
quote:
Details of the layoffs have not been announced but are expected in the fourth quarter of this year, four sources said. The company has not determined how large the cuts will be, three sources added.
The company had about 11,800 employees in 14 countries at the end of 2024, according to its annual report.
ConocoPhillips has bulked up in recent years through hefty acquisitions. Besides its acquisition of Marathon Oil last year, it bolstered its position in the Permian Basin of Texas and New Mexico with a $10 billion deal to buy Shell's assets and its acquisition of Concho Resources in 2021.
The company laid off up to 500 Houston employees in 2020 as the COVID-19 pandemic slashed global energy demand and pushed energy prices down. Marathon Oil had also laid off more than 500 workers in Texas, ahead of its merger with ConocoPhillips.
ConocoPhillips is also focused on divesting some of its assets, one of the sources said. The company was exploring the sale of oil and gas assets in Oklahoma that it inherited from its $22.5 billion takeover of Marathon Oil last year, Reuters reported earlier this month.
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Posted on 4/23/25 at 9:02 am to ragincajun03
so wash, rinse, repeat in O&G? The hire/fire cycle is as dependable as seasonal weather.
Posted on 4/23/25 at 9:03 am to slidingstop
unless you carve off the bottom 4-8% every year, see ExxonMobil.
Posted on 4/23/25 at 9:05 am to Klark Kent
“Right Sizing” or “Maintaining a competitive advantage”
Posted on 4/23/25 at 9:06 am to ragincajun03
Ponca City, Oklahoma will never be the same...
Posted on 4/23/25 at 9:15 am to lsuoilengr
i also wonder how many of these layoffs are actual employees or just contractors. i imagine the terminology is intentionally vague, because a lot of these large corporations will keep a certain % of their overall staff as contractors. when things need to get lean, they start the cuts with those contractors to avoid having to fire actual employees.
This post was edited on 4/23/25 at 9:21 am
Posted on 4/23/25 at 9:15 am to lsuoilengr
"Layoffs as part of a broad restructuring" in this industry is as dependable as the Louisiana Legislature announcing a budget shortfall. Is this story supposed to be a harbinger of something? Seems like every petroleum company does this repeatedly. Get busy, hire more people. Slow down or make an acquisition, lay off employees.
Maybe I'm just desensitized to it cause I've gone through it so often.
Maybe I'm just desensitized to it cause I've gone through it so often.
Posted on 4/23/25 at 9:17 am to ragincajun03
I did an internship in the early 2000's at Conoco when they had an office at Park Tower in Lafayette. Awesome company to work for.... for the interns at least.
Posted on 4/23/25 at 9:22 am to slidingstop
quote:
dependable as seasonal weather
Forty years ago, the economic impact of O&G bust & boom cycles surprised so many people that sociologists started studying it. Today hardly anybody outside the industry even notices.
Maybe the worst impact of each consolidation is the permanent migration of top jobs away from rural areas like Homa and Lafayette.
Posted on 4/23/25 at 9:25 am to Klark Kent
quote:
i also wonder how many of these layoffs are actual employees or just contractors
That’s always my first question with these announcements.
Posted on 4/23/25 at 9:26 am to Klark Kent
quote:
i also wonder how many of these layoffs are actual employees or just contractors.
Different verb if contractors (not “layoff”, is “not renew contracts”). Contractor reductions are, too, typically part of these “restructurings”.
This post was edited on 4/23/25 at 9:27 am
Posted on 4/23/25 at 10:32 am to ragincajun03
They're as woke as Boeing if not worse.
Posted on 4/23/25 at 10:50 am to ragincajun03
Had an older timer at an O&G consulting firm tell me that you get paid 26 times a year. Budget your month around 2 checks; save the remaining 2. Saw a lot of younger fellars spending right up to the hilt and then get laid off.
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