ConocoPhillips plans to cut the workforce by 10 percent

ConocoPhillips plans to cut the workforce by 10 percent
The US oil giant ConocoPhillips plans to cut the workforce by 10 percent, equivalent to a reduction of 1,800 jobs.

Most of the jobs will be cut in North America, writes Bloomberg.

The cuts come in the wake of the halving of oil prices since last year, which has contributed to that energy companies around the world have sacked more than 120,000 employees.

- Our industry is going through a dramatic downturn, which has caused that we look at our future need for the labor force, said spokesman Daren Beaudo in ConocoPhillips to the news agency.

ConocoPhillips is the fourth largest US oil company, listed on the New York Stock Exchange with a market worth of $58.9 billion.

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