ConocoPhillips will begin company-wide layoffs as early as November 10, according to a state notice sent to some employees. This follows the company's earlier announcement of plans to reduce its workforce by 20-25%.
The layoffs are part of a broader restructuring initiative aimed at cutting costs and streamlining operations after the $23 billion acquisition of Marathon Oil. The specific start date indicates the implementation phase of this significant organizational change.
This action is expected to contribute to the realization of synergies from the Marathon Oil integration and enhance ConocoPhillips' overall efficiency and competitiveness. The company is moving forward with its plan to optimize its operational footprint.
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