ConocoPhillips says it will cut workforce by 20-25%, shares fall

HOUSTON, Sept 3 (Reuters) – U.S. oil and gas producer ConocoPhillips (COP.N), opens new tab will cut 20-25% of its workforce as part of a broad restructuring, a company spokesperson said on Wednesday, after five sources told Reuters that CEO Ryan Lance detailed the plans in a morning video message.

Shares of the third-largest U.S. oil producer declined 4.5% to $94.55, outpacing a 2.6% drop in the broader S&P 500 Energy Index (.SPNY), opens new tab.