Image courtesy of ConocoPhillips.

ConocoPhillips said Tuesday that it plans to cut about 10 percent of its global workforce.

According to Bloomberg, the company will cut about 1,800 positions, with most of the reductions coming from its North American operations.

About 500 job cuts are expected in Houston.

The company currently employs 3,753 workers at its Houston headquarters, Reuters said.

“Our industry is undergoing a dramatic downturn, which has caused us to look at our future workforce needs,” a ConocoPhillips spokesperson told Bloomberg.

Further details about the cuts have not been released yet.

The company slashed 1,000 positions earlier this year, bringing its total number of job cuts to about 2,8010 positions, Reuters noted.

In May, ConocoPhillips CEO Ryan Lance said his company is planning to keep capital expenditure at its currently reduced level for the next three years.

Earlier this year, the Houston-based company reportedly scrapped plans to develop a $2.1 billion Norwegian North Sea gas and condensate project.

ConocoPhillips booked a $179 million net loss in the second quarter, or a loss of $0.15 per share, a steep slide from the $2.1 billion in earnings reported during the second quarter 2014.


Leave a Reply