ConocoPhillips to lay off 10 percent of workforce, including some in Houston

EMBED </>More Videos

The company confirmed Tuesday its laying off roughly 10 percent of its workforce, including hundreds of workers in Houston. (KTRK)

ConocoPhillips is laying off roughly 10 percent of its workforce, the company confirmed to Eyewitness News. Hundreds of those layoffs are expected to be in Houston.

ConocoPhillips has 3,753 workers here in Houston. The company expects that more than 500 of the layoffs will be here.

The majority of ConocoPhillips layoffs will be in North America.

Below is the full statement released on Tuesday

    We can confirm that we expect approximately 10% of our global workforce to be impacted through workforce reductions, with the largest percentage occurring in North America.

    We'll know more in the next several weeks as we work through our formal process. Our industry is undergoing a dramatic downturn, which has caused us to look at our future workforce needs.

    As we have assessed the implications of lower prices on our business, we've made the difficult decision that workforce reductions will be necessary.

    We have taken several significant steps as a company to strengthen our position, including reducing our capital spending and future deepwater exploration program. However, the workforce reductions are necessary to become a stronger, more competitive company.

    We are committed to treating all our employees with respect and fairness during this process.

    ConocoPhillips employs 3,753 workers in Houston. The expected reductions will be more than 500 of our Houston employees.
Related Topics:
business
(Copyright ©2018 KTRK-TV. All Rights Reserved.)