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New York Post
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ConocoPhillips says it will slash as much as 25% of workforce — sending oil giant's shares tumbling

1. ConocoPhillips plans to cut 20%-25% of its workforce. 2. Shares fell 4.4% to $94.68 following the news. 3. Rising costs and falling oil prices prompt major layoffs. 4. The company has identified over $1 billion in cost reduction opportunities. 5. Net income decreased to $2 billion, the lowest since early 2021.

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FAQ

Why Bearish?

Job cuts signal financial distress; shares already on decline from rising costs.

How important is it?

Workforce cuts indicate major restructuring, affecting current operations and market evaluations.

Why Short Term?

Immediate layoffs create uncertainty, impacting investor confidence quickly.

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