ConocoPhillips to shed 1,000 jobs

HOUSTON —  ConocoPhillips says it’s planning to shed another 1,000 jobs, about 6 percent of its global workforce, its latest effort to cut costs as crude prices languish around $45 a barrel.

The Houston oil explorer has finished assembling some major upstream projects, and now has “more organizational capacity than we need,” ConocoPhillips spokesman Daren Beaudo said in an emailed statement. Its operations in North America will get hit hardest.

“We have taken several steps as a company to adapt to lower and more volatile prices and strengthen our position coming out of the downturn,” Beaudo said.

The largest independent U.S. driller in April slashed its annual spending budget to $5.7 billion, down 40 percent from its 2015 budget. It had also previously cut its shareholder dividend by two-thirds.

Last year, the company had cut 1,800 jobs across its global business, including 500 in Houston. It declined to say how many Houston employees would be let go in the coming round of layoffs.

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