ConocoPhillips could lay off about 1,300 people this year under a planned 4 percent reduction in its worldwide work force that was announced Friday.
CEO Jim Mulva cited lower commodity prices and the crippled credit market for the Houston-based oil giant’s cutback plan.
“We are positioning ourselves in the business environment to live within our means in order to maintain financial strength,” Mulva said in a company release. “We are doing this by reducing our cost structure, addressing our balance sheet and continuing to manage the company through prudent capital discipline.” (Tusla World)
