US-based oil producer ConocoPhillips is set to implement company-wide layoffs starting 10 November 2025, as part of a significant restructuring effort.
The layoffs, which may affect 20-25% of its workforce, are a response to declining oil prices, pressuring the company and its rivals to reduce staff and capital expenditure.
The company, which employs around 13,000 people worldwide, could see between 2,600 and 3,250 employees impacted by the decision.
ConocoPhillips CEO Ryan Lance informed the employees of the impending changes through a video message, and a town hall meeting was held at the Houston office.
According to a notice sent to the Texas Workforce Commission, the number of job reductions in Houston could meet the threshold requiring state reporting.
ConocoPhillips is providing affected employees with 60 days of advance notice, severance packages, and outplacement assistance, reported Reuters.
The company has not finalised the employees to be laid off, but the job cuts are expected to be permanent.
Employment end dates are anticipated to begin the week of 1 December 2025.
The restructuring comes after a challenging financial period for the company, with a 13% drop in Q2 2025 earnings to $2bn, compared to $2.3bn in the same quarter of 2024.
Excluding special items, adjusted earnings for the quarter stood at $1.8bn.
Despite financial challenges, the company reported total production of 2,391 thousand barrels of oil equivalent per day (MBOED) in Q2 2025, an increase of 446MBOED from the previous year.
The production reached 1,508MBOED in the Lower 48 states, with significant contributions from the Permian (845MBOED), Eagle Ford (408MBOED), and Bakken (205MBOED) regions.
Last month, ConocoPhillips announced the sale of its Anadarko Basin assets for $1.3bn to Stone Ridge Energy, with the transaction expected to close in early Q4 2025.
