ConocoPhillips Announced Layoff Plans in a Bid to Cut Costs and Streamline its Operations

SEATTLE (Oil Monster): ConocoPhillips, a major oil and gas producer in the United States, announced plans to lay off employees as part of a larger restructuring initiative meant to cut expenses and streamline operations. The business recently paid $23 billion to acquire Marathon Oil.

The action reflects the mounting strain on the oil and gas sector, which has been severely hurt by rising operational expenses. Following a significant decline in oil prices, the sector's businesses have also seen a sharp decline in revenue. It should be mentioned that comparable layoff decisions were recently announced by other significant industry players, such as SLB and Chevron.

According to a media report, the corporation has hired Boston Consulting Group (BCG), a management consulting firm, to provide professional guidance on the proposed reorganization and layoff plan. The firm's proposal to restructure the business's operating structure marks the official start of the restructuring process. It suggests that the company's corporate and support operations be similarly streamlined.

Following the Covid-19 epidemic, ConocoPhillips lay off about 500 of its Houston workers earlier in 2020.