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.