Exclusives | Americas

ConocoPhillips says it will cut workforce by 20-25%, shares fall

3 September 2025, 9:18 am

1 min read

FILE PHOTO: A screen displays the logo for ConocoPhillips on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 6, 2022. REUTERS/Brendan McDermid/File Photo

U.S. oil and gas producer ConocoPhillips will cut 20-25% of its workforce as part of a broad restructuring, a company spokesperson said on Wednesday, after five sources told Reuters that CEO Ryan Lance detailed the plans in a morning video message. Shares of the third-largest U.S. oil producer declined 4.5%.