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January 16, 2009
ConocoPhillips will reduce its overall work force by about 4 percent this year, company CEO Jim Mulva said during an update Friday on the oil giant’s 2009 capital program.
It was not yet known just when the reductions would begin. Houston-based ConocoPhillips has about 32,000 employees worldwide, including about 3,000 in Bartlesville and another 700 in Ponca City.
Lower oil prices and collapse in the credit market are to blame for industry’s struggles, Mulva said.
“We are positioning ourselves in the current business environment to live within our means in order to maintain financial strength,” Mulva said in a statement. “We are doing this by reducing our cost structure, addressing our balance sheet and continuing to manage the company through prudent capital discipline.”
ConocoPhillips’ approved a 2009 capital budget totaling $12.5 billion. Approximately 82 percent of those investments, or $10.3 billion, will focus on the company’s exploration and production segment, according to the release.
Phillips Petroleum Co. was headquartered in Bartlesville for about eight decades prior to the company’s 2002 merger with Conoco and administrative move to Houston.
ConocoPhillips’ global operations center for logistics, Internet technology and other support services remains in Bartlesville.
The company also employs about 700 people in Ponca City for credit-card, information technology and other services, although all of those positions are under review, according to reports. ConocoPhillips employs another 750 in its refining operations there, but
those jobs are not under review.
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