Oil major fires 10 percent of its employees

US-based oil giant ConocoPhilips will lay off as many as 1,800 employees due to the oil crisis.

One of the world's largest oil companies has just announced a round of layoffs that will hit approximately one in ten employees at the company. 1,800 of the company’s 18,000 employees look set to be fired, primarily in North America, according to a press release from the company.  

At its US headquarters in Houston alone, 500 employees will be terminated by the company. ConocoPhilips cites the need to save money in the face of collapsing oil prices as justification for the layoffs. Excluding the current round of layoffs, 1,000 employees have already been laid off by the oil giant this year. This suggests that altogether, the company will end up firing almost 3,000 employees over the course of this year.

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