Major oil and gas companies in the U.S. are making big changes. ConocoPhillips, a large Houston-based company, announced that it plans to make its workforce smaller. This is happening across its operations all over the world.
The company plans a global reduction of about 25 percent. This means that thousands of employees and contractors will lose their jobs. The company explained that this is necessary because of high costs and a need to be more efficient.
This announcement is not unique to ConocoPhillips. Other large energy firms have also been cutting jobs recently. These companies are trying to perform better financially in a challenging market.
For the employees, this news creates a lot of uncertainty. Many workers in the oil sector now face the challenge of finding a new position in an industry that is shrinking.