ConocoPhillips posted a loss of $1.93 billion through the first nine months of this year, compared with a $6.47 billion profit in the same period last year. Affected employees will be notified on February 1, about when ConocoPhillips expects to complete its $9.7 billion acquisition of US shale producer Concho Resources Inc. Employees who lose their jobs will receive severance pay and help to find new positions, it said. Administrative and oil-exploration jobs were identified as facing cuts when the Concho deal was disclosed in October. Executives have targeted $500 million in cost and capital savings through 2022. Conoco’s global staff numbered about 10,400 at the start of the year and Concho had about 1,450.

Source: Dhaka Tribune December 02, 2020 06:00 UTC