ConocoPhillips to lay off 10 percent of workforce, including some in Houston

The company expects that more than 500 of the layoffs will be here.

ConocoPhillips employs about 1,200 people in Alaska and has assets throughout the state, including large portions of the Prudhoe Bay oil fields. A company spokesperson in Bartlesville said that “more will be known in the coming weeks as a formal process is completed’ and “ConocoPhillips is committed to treating all employees with respect and fairness throughout the process”.

In a statement, ConocoPhillips said it’s making the cuts because the energy industry is in a “dramatic downturn”.

Conoco has 3,753 workers in Houston, its headquarters, where more than 500 layoffs are expected.

The company said Tuesday it is eliminating 10 percent of its workforce.

ConocoPhillips also said the company has reduced its capital spending and future deepwater exploration program. On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, Bunch Charles E, director of Conocophillips, executed a transaction worth $65,190 on May 19, 2015. Cowen and Company lowered their target price on ConocoPhillips from $62.00 to $58.00 and set a “market perform” rating for the company in a report on Thursday, August 6th. In response to falling oil prices nearly all energy companies have either cut spending on exploration or cut jobs, often both, and many have seen big drops in their stock prices.

U.S. oil is trading around six-year lows.