ConocoPhillips announces today the company will cut its workforce by a whopping 20-25%. Shares immediately crashed. This news comes as part of a broad restructuring, as the company has been able to streamline the organization and remove unnecessary work from the system, thus needing fewer roles.
To their credit, they aren't allowing artificial intelligence take the credit for the efficiency improvements, it sounds like just typical business management optimizations. Or maybe the clankers are rising up, who knows.
https://www.reuters.com/business/world-at-w...
ConocoPhillips
COP
NYSE
IPO1972
about COP
ConocoPhillips explores for, produces, and refines oil and gas into petroleum products such as gasoline, diesel, and jet fuel, which are sold to consumers and businesses worldwide.
| type | open | high | low |
market cap |
volume |
|---|---|---|---|---|---|
| stock | $94.13 | $94.86 | $92.13 | $119.61B | 8.51M |
| eps |
price to earnings |
price to sales |
operating margin |
profit margin |
yield |
| +$1.56 | 12.36 | 8.37 | 21.54% | 14.07% | 3.35% |
