ConocoPhillips to slash global workforce by 10%

American energy major ConocoPhillips will slash its global workforce by around 10% with most of the cuts taking place on home soil. The Houston-headquartered firm is likely to let go of around 1,800 people as low oil prices around the world take their toll on the giant conglomerate.

Last month, the CEO of ConocoPhillips Ryan Lance had revealed the company was restructuring in a bid to trim costs by $1bn.

The 1,800 layoffs add to 176,000 workers around the globe who have been made redundant because of the oil slump, according to energy recruiter Swift Worldwide Resources.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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