- Between 2,600 and 3,250 employees to be affected
- Company shares down 4.5% to $94.55
- Falling oil prices put pressure on energy companies
HOUSTON, Sept 3 (Reuters) - U.S. oil and gas producer ConocoPhillips (COP.N) , will cut 20-25% of its workforce as part of a broad restructuring, a company spokesperson said on Wednesday, after five sources told Reuters that CEO Ryan Lance detailed the plans in a morning video message.
Shares of the third-largest U.S. oil producer declined 4.5% to $94.55, outpacing a 2.6% drop in the broader S&P 500 Energy Index (.SPNY)
Is this going to cut the number of Phillips turnaround workers doing 80 through my residential neighborhood by 20-25% too?
A fall in oil prices has put ConocoPhillips and its rivals under pressure this year, forcing them to cut staff, curb capital spending, and reduce drilling. U.S. oil major Chevron (CVX.N) announced it would lay off up to 20% of its staff in February, and other energy companies, including SLB (SLB.N), and BP (BP.L) are also cutting workforces.
Huh.
https://en.wikipedia.org/wiki/Drill,_baby,_drill
“Drill, baby, drill!” was a 2008 Republican campaign slogan first used at the 2008 Republican National Convention[1] by former Maryland lieutenant governor Michael Steele, who was later elected chairman of the Republican National Committee.[2] The slogan expressed support for increased drilling for petroleum and gas as sources of additional energy and gained further prominence after it was used by Republican vice presidential nominee Sarah Palin during the vice-presidential debate. President Donald Trump used the phrase repeatedly during his 2024 presidential campaign, including when speaking at the 2024 Republican National Convention,[3][4] as well as at his 2025 inaugural address.[5]
