ConocoPhillips to axe 1,000 more employees to reduce ‘overcapacity’

ConocoPhillips said it plans to cut a further 6% of its workforce.

The Houston- based company said it will reduce its headcount by 1,000.

The impact will mostly be felt on its North American energy jobs in both the US and Canada.

It's understood the announcement was made in a town hall meeting with management.

A spokesman for the company said: “We have taken several steps as a company to adapt to lower and more volatile prices and strengthen our position coming out of the downturn.

“Over the past couple of years, we've significantly reduced our capital activities and finished some major projects, which left us with more organisational capacity than we need."