U.S. oil producer ConocoPhillips will begin company-wide layoffs as early as Nov. 10, the company said in a state notice sent to some employees on Thursday, seen by Reuters.
On Wednesday, Reuters reported that ConocoPhillips CEO Ryan Lance informed employees in a video message that the company will cut 20-25% of its workforce as part of a broad restructuring. The company later confirmed the report.
On Thursday, the company notified the Texas Workforce Commission that it anticipates the number of reductions in Houston could meet the threshold that mandates reporting to the state, ConocoPhillips spokesperson Dennis Nuss said.
ConocoPhillips is offering impacted employees 60 days of advance notice, severance and outplacement assistance, Nuss told Reuters.
Employment end dates are anticipated to occur beginning the week of Dec. 1 of 2025, according to a document sent to employees and seen by Reuters.
ConocoPhillips has not yet determined which individuals will be let go, the document said, adding that the moves will be permanent.
The company has about 13,000 employees globally, meaning between 2,600 and 3,250 employees could be affected.
Employees attended a town hall meeting at the Houston office this morning at 9 a.m. Central Time, hosted by CEO Ryan Lance.
Shares of the third-largest U.S. oil producer edged up 1% to $95.70, having fallen around 4% on Wednesday.
(Reporting by Georgina McCartney and Arathy Somasekhar in Houston; Editing by David Gregorio)