"You know, the consolidation happens for a simple reason. I know these companies are a little bit different from each other. Upstream, downstream, production, exploration. But listen, basically. They're all brothers and sisters, or first cousins of one another's. So the fact that you're getting roll-ups in industries where you've got related companies, isn't that surprising. What's, what's going on there in the last few months?"
"Conoco recently announced, and this is Conoco Phillips, the simple COP they recently announced that they were going to lay off, uh, astonishing 20 to 25% of their workforce, which translates to a, you know, a fair amount of jobs. And I, lemme check my data on that, but I think it translated to. Let's look real quick. Okay. That translates to about 3,200 people, which is a, a pretty big layoff."
Oil and gas firms are pursuing mergers and consolidation across upstream, downstream, production, and exploration segments to streamline operations. Large acquisitions are prompting significant workforce reductions to remove duplicated positions and reduce costs. ConocoPhillips announced layoffs of 20 to 25% of its workforce, roughly 3,200 jobs, following a recent purchase. The consolidation trend involves roll-ups among related companies and results in substantial headcount declines. Technology companies have executed large layoffs in recent years, and current job market conditions raise concerns about broader employment impacts within the energy sector.
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