Ouch – Oil industry downsizing starting
Conoccophillips is to reduce workforce by 15 percent by mid – October.
Spokesperson Kristen Ashcroft noted at time, “we’re in a challenged economic environment. We’ve had to make some tough decisions, which staff were informed of today.”
“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.”
Chart courtesy of Euroinvestor. Click on chart to enlarge.