The multinational energy corporation ConocoPhillips will cut another 1,000 jobs, trying to cope with the folling oil prices and negative trend on the markets. Most of the cuts will come from North America, and hundreds are expected in Texas and Alaska. The cuts amount to 6 percent of ConocoPhillips’ workforce, which has already been reduced by 3,400 jobs since September 2014. The company is implementing several measures to adapt the lower and more volatile prices of oil, trying to keep market stake and strengthen its positions. ConocoPhillips seriously decreased the capital activities and finished some major projects, which will be followed by reduction of the workforce.
“Alaska will be impacted by layoffs, and though we can’t provide specifics yet, we are not anticipating a significant reduction in the Alaska workforce”, said ConocoPhillips Alaska spokeswoman, Natalie Lowman. “The company’s current headcount in Alaska is 1,070”, added she.
ConocoPhillips already cut 1,800 jobs in 2015 and slashed the annual budget by 40% to 5.57 billion USD, but still not able to improve liquidity and profitability.
ConocoPhillips Co is an American multinational energy corporation with its headquarters located in the Energy Corridor district of Houston, Texas in the United States. It is the world’s largest independent pure-play exploration and production company.