ConocoPhillips to cut global workforce by 10%, including more than 500 jobs in Houston

ConocoPhillips to cut global workforce by 10%, including more than 500 jobs in Houston

 ConocoPhillips COP, -3.58% confirmed on Tuesday that it will reduce it global workforce by about 10%, with largest percentage occurring in North America. The company said it currently employs 18,100 workers worldwide. In Houston alone, where the oil producer employs 3,753 workers, the company said "more than" 500 employees will lose their jobs. "As we have assessed the implications of lower prices on our business, we've made the difficult decision that workforce reductions will be necessary," ConocoPhillips said in an emailed statement to MarketWatch. "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." The company announced on July 30 plans to cut capital spending as it swung to a second-quarter net loss. The stock, which slumped 3.6% in afternoon trade, has tumbled 31% year to date, while the S&P 500 has lost 7%.