Oil Company Is Cutting Jobs at Oklahoma Location
One of America’s biggest oil exploration and production companies, ConocoPhillips (NYSE:COP), has announced that it is laying off an undisclosed number of employees at its Bartlesville, Oklahoma location.
A company spokesperson has confirmed that a number of employees at the facility will be receiving pink slips as part of the company’s asset sales that were made earlier this year.
The ConocoPhillips layoffs were expected after the Texas-based company sold some of the assets that were based in Canada. In March, ConocoPhillips sold its significant stakes in two Canadian oil and gas assets to a Calgary-based oil company.
Following the sale, the company hinted that some employees in Bartlesville may be negatively affected in the coming months.
“We anticipate some jobs in Bartlesville will be impacted by the announcement, but it’s too early in the process to know the full impact,” said company spokesperson David Austin.
Recent ConocoPhillips Layoffs Started in 2016
This is not the first time the Bartlesville location has faced layoffs. At various times, the company has cut its workforce at the facility. The last round of significant job cuts took place in September 2016, when nearly 90 employees lost their jobs.
The September 2016 round of layoffs accounted for roughly six percent of the total workforce employed at the plant. About 1,400 employees were reported to be working at the Bartlesville location at that point.
The job cuts in 2016 were part of ConocoPhillips’ targeted headcount reduction efforts that began in July of that year. The company has cut about 1,000 jobs as part of its downsizing efforts. Most of these layoffs occurred in North America—the U.S. and Canada—where ConocoPhillips maintains its biggest presence.
ConocoPhillips has been facing a consistent decline in revenues as its biggest product—oil—has hit a price floor. Multiyear lows in oil prices have caused many oil companies to cut production and downsize operations.
As of the company’s latest quarterly dividend filing, ConocoPhillips employed a workforce of about 13,100 employees across the globe, the majority of which are employed in the United States.
In Bartlesville, ConocoPhillips has maintained a strong presence for years, and remains one of the biggest employers in the city. Austin affirms that the company will continue its commitment to the city’s local community.
“Another Round of Local Layoffs,” Bartlesville Radio, July 17, 2017.
“ConocoPhillips Canadian asset sale expected to result in Bartlesville layoffs,” Tulsa World, April 1, 2017.
“ConocoPhillips to cut 90 in Bartlesville in previously announced layoffs,” Tulsa World, September 14, 2016.