BLOODBATH: US titan lets a quarter of its staff go as mass layoffs spread from retail and technology

4

FROM DAILY MAIL: Oil giant ConocoPhillips is laying off up to 25 percent of its workforce in a huge cost-cutting drive.

The layoffs will mean thousands of employees and contractors will lose their jobs within weeks.

A company spokesperson confirmed Wednesday that 20 to 25 percent of its global headcount of roughly 13,000 will be affected — roughly 2,600 to 3,250 workers.

Most layoffs are expected to take place before the end of the year.

“We are always looking at how we can be more efficient with the resources we have,” the spokesperson explained.

The employees were warned about the impending action in a video message by CEO Ryan Lance, Reuters reported. He told them the company was dealing with rising costs and needed “fewer roles.”

Last year, ConocoPhillips reported second-quarter earnings of  $2.33 billion. This year, it reported considerably smaller earnings for the same period: $1.97 billion. Despite the decline, the second-quarter earnings surpassed Wall Street’s expectations. The company remains among the world’s ten largest independent oil and gas companies.

This latest wave of layoffs from ConocoPhillips comes as other major companies have similarly shed employees, including industry giants Walmart, Procter & Gamble, Microsoft, Amazon, Intel, and UPS.

READ MORE AT DAILY MAIL

RELATED ARTICLESMORE FROM AUTHOR

CLICK HERE FOR COMMENTS SECTION