ConocoPhillips to Eliminate 1,300 Jobs
The oil company ConocoPhillips, citing a steep decline in oil and gas prices, said it would cut 4 percent of its work force, or about 1,300 jobs, and said it expected big write-downs on some of its exploration and production assets. Shares of Conoco fell 1.6 percent in extended trading. Conoco also set its 2009 capital expenditures at $12.5 billion, a budget it said was enough to finance large development projects but down from a projected $20 billion in spending for 2008.
Labels: ConocoPhillips, layoffs
<< Home