ConocoPhillips (COP) plans to reduce its workforce as part of a broader effort to streamline operations and manage costs following its $23 billion acquisition of Marathon Oil, Reuters reported, citing unnamed sources.
The Houston-based company has retained Boston Consulting Group to advise on the restructuring and planned layoffs, which are being developed under an internal initiative called "Competitive Edge," according to the news outlet Tuesday.
As part of the effort, ConocoPhillips has begun restructuring its operations and will centralize certain functions. The reorganization is expected to extend to corporate and support departments in subsequent phases, the sources said.
Employees have been informed that workforce reductions are anticipated, though the company has not yet finalized the scope of the cuts. Specific details are expected to be announced in Q4.
ConocoPhillips didn't immediately respond to a comment request from MT Newswires.
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