ConocoPhillips, a major U.S. oil and gas producer, announced plans to reduce its workforce by 20-25%. This significant cut is part of a broad restructuring effort aimed at reining in costs and streamlining operations.
The decision follows the company's $23 billion acquisition of Marathon Oil, with the layoffs intended to eliminate redundancies and enhance overall efficiency. This move is a direct consequence of integrating the two companies' operations.
This substantial workforce reduction underscores ConocoPhillips' commitment to capital discipline and operational optimization. The company is focused on improving its competitiveness and financial performance in the evolving energy landscape.
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