ConocoPhillips axes workforce by 10%

Houston

CONOCOPHILLIPS, the fourth largest US oil company, plans to reduce its workforce by 10 per cent in the latest sign that the energy industry is preparing for a longer downturn.

Most of the 1,800 jobs being lost will come from North America, including more than 500 from Houston, Daren Beaudo, a spokesman for the Houston-based oil and gas producer, said on Tuesday. "Our industry is undergoing a dramatic downturn, which has caused us to look at our future workforce needs," he said.