ConocoPhillips (COP) Plans 10% Headcount Reduction

ConocoPhillips (NYSE: COP) is gearing for some serious job cuts.

According to the Houston Chronicle, ConocoPhillips will trim about 10 percent of its workforce, or 1,800 employees. The reduction is expected to happen over the next several weeks.

One spokesperson confirmed the report, which made the rounds via an internal memo at the company.

Most of the losses will come from North America. About 1,000 core contractors will also be trimmed from the workforce.

Shares of COP are down over 3 percent on Tuesday.

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