ConocoPhillips (COP) is bracing for significant workforce reductions as it steps up efforts to tighten costs across its operations. The oil giant plans to cut 20% to 25% of its global employees and contractors, translating to approximately 2,600 to 3,250 roles worldwide.
A company spokesperson noted that most of these reductions are expected to be completed before the end of 2025, signaling a determined approach to streamline operations amid shifting market dynamics. The news sent COP shares down 4.4% on Sept. 3, dragging the stock 17.5% below its 52-week high of $116.08.
