Houston, April 23: ConocoPhillips, an independent exploration and product (E&P) company, will reportedly lay off several employees as a part of cost-cutting measures and streamlining its operations. The US-based oil and gas producer will reduce the employee headcount as a part of its broader push after the USD 23 billion buyout of rival Marathon Oil company.

According to a report by Reuters, ConocoPhillips layoffs were a sign of struggles in the oil and gas industry. The industry faced higher costs and lower revenues as the price reached  USD 63 per barrel. The exploration companies said they could not drill and make profits if the price fell below USD 65 a barrel. Intel Layoffs Coming This Week? Chipmaker May Announce Over 20% Job Cuts To Restructure and Streamline Operations.

To advise on the decision regarding the ConocoPhillips layoffs, the company hired management consulting firm Boston Consulting Group. The company asked the group to advise on the restructuring and layoffs programme "Competitive Edge" internally. ConocoPhillips operates in six major segments: Alaska, Lower 48, Canada, Europe, Middle East and North Africa, and Other International, according to the report. 

The layoffs at ConocoPhillips will be implemented as part of a restructuring of operations in corporate and support functions. The company has informed the employees about the layoffs and the process. The employees already expected a workforce reduction. The details of the job cuts, like how many people would be affected by the decision, have not surfaced. 

ConocoPhillips operated in 14 countries with 11,800 employees at the end of 2024. The report mentioned that the oil and gas giant started increasing the acquisition of various companies recently, such as the Permian Basin of Texas and New Mexico, with a USD 10 billion deal to acquire Shell's assets. Further, the company bought Concho Resources in 2021. Microsoft Layoffs in May 2025: Satya Nadella-Led Company Expected To Target Middle Management and Non-Tech Roles Next Month.

During COVID-19, the ConocoPhillips layoffs affected 500 employees based in Houston amid business struggles. ConocoPhillips completed acquiring Marathon Oil in 2024 for USD 22.5 billion. 

(The above story first appeared on LatestLY on Apr 23, 2025 12:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).