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Oil and gas producer ConocoPhillips will cut between 20% and 25% of its global workforce as part of a sweeping restructuring, according to a statement from the firm.
The announcement followed a video message from CEO Ryan Lance outlining the measures to employees.
Shares in the third-largest US oil producer dropped 4.5% to $94.55 after the disclosure, a steeper fall than the 2.6% decline in the S&P 500 Energy Index.
The cuts highlight the strain facing energy companies as oil prices weaken and volatility persists. Chevron signaled a similar move in February, saying it would reduce up to 20% of staff. Meanwhile, BP and SLB have also begun workforce reductions.
Halliburton faces added strain
The pressure extends beyond producers. Halliburton, the world’s third-largest oilfield services provider by revenue, is also reducing jobs as drilling activity slows. Headcount reductions ranged from 20% to 40% across at least three business units.
Although the company has not confirmed the scale of its layoffs, the reductions have unfolded over several weeks. Halliburton reported 48,395 employees at year-end 2024 and had already cautioned that revenue could fall on weaker customer activity.
On its most recent earnings call, CEO Jeff Miller warned of deteriorating conditions. “To put it plainly, what I see tells me the oilfield services market will be softer than I previously expected over the short to medium term,” he said.
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Sector-wide workforce pressure
Brent crude has dropped more than 10% in 2025, pressured by higher output from OPEC and its allies and uncertainty around global trade policy. Rising costs and subdued demand have intensified the squeeze.
The wave of layoffs signals both immediate workforce disruption and long-term challenges around reskilling and retention. The energy sector has been forced to scale back capital spending, pare down drilling, and adapt to new realities of supply and demand.
The layoffs at ConocoPhillips and across the industry illustrate how workforce strategies can shift in response to market conditions. With staff reductions ranging as high as 25%, companies face an ongoing challenge to balance financial performance with workforce stability.
