According to Reuters energy major ConocoPhillips says it will cut staff as a major result of its $23 billion purchase of Marathon Oil. ConocoPhillips teams up with Boston Consulting Group to run the “Competitive Edge” project which aims to simplify activities while trimming expenses from their headquarters in Houston.
ConocoPhillips needs to lower staff numbers due to tough times facing petroleum companies when oil sells for less than $63 a barrel which many business owners recognize as unprofitable drilling space. ConocoPhillips started combining work processes across all its operating divisions before beginning top-level corporate transformations next.
Company officials will announce the number of staff reductions during their fourth-quarter financial update in 2025. In this14 international locations, the corporation currently deploys 11,800 staff members. Other oil companies such as Chevron and SLB made workforce cuts in their operations during the previous year.
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