HOUSTON, Texas (KTRK) -- ConocoPhillips will be laying off 500 workers in Houston, the energy giant announced Tuesday.
In a statement, the company said though the process to determine the exact number of impacted employees is ongoing, it anticipates about 500 workers or more will be affected by the workforce reduction.
"We have been transparent with employees that targeted workforce reductions in certain areas of our business may be necessary from time-to-time to align organizational capacity with expected future activity levels," read the statement. "In light of this and in anticipation of our acquisition of Concho Resources, which is set to close in the first quarter of 2021, ConocoPhillips is taking actions to align our business to remain competitive. We are offering impacted employees 60-days advance notice, severance and outplacement assistance."
The company told Eyewitness News severance notifications will begin as early as Feb. 1.
ConocoPhillips announced the Concho Resources acquisition in October.
"Through this combination, we are joining a diversified energy company with even more scale and resources to create shareholder value in today's markets and beyond," said Tim Leach, chairman and chief executive officer of Concho Resources at the time.
That same month, ExxonMobil's Houston management offices was hit with job cuts and about 1,900 workers were affected.