ConocoPhillips to cut additional jobs

As the downturn in the oil industry continues, ConocoPhillips (NYSE: COP) plans to cut 1,800 employees, or 10% of its global workforce, according to Houston Business Journal, citing a company spokesman.

Approximately 500 of the planned layoffs involve employees based in Houston. The overall workforce reduction will also include about 1,000 contractor positions.

In addition to reducing its workforce, the company is further reducing its capital spending and its deepwater exploration program.

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