ConocoPhillips (COP)

A fall in oil prices has put ConocoPhillips and its rivals under pressure this year, forcing them to cut staff, curb capital spending and reduce drilling.

Shares in ConocoPhillips (COP -3.96%) were lower by more than 4% at noon today. The decline comes on the day news broke that eight OPEC+ members will meet on Sunday and discuss a production hike.

The majority of the cuts at the oil and gas company will happen by the end of 2025.

U.S. oil and gas producer ConocoPhillips will cut 20-25% of its workforce, a company spokesperson said Wednesday.

ConocoPhillips' upstream strength and low-cost shale assets gain from oil prices above $60, boosting profitability and supporting valuation.

ConocoPhillips maintained strong production in Q2 2025 despite weaker earnings from low oil prices, whereby the stock approaches a key long-term support zone

COP bets on LNG megaprojects and Marathon Oil synergies, while EOG doubles down on shale land and dividend growth.

COP's Marathon Oil takeover is delivering bigger gains than expected, with annual cost savings now seen topping $1 billion.

COP secures a 20-year deal to buy 4 MTPA of LNG from Sempra's Port Arthur Phase 2, expanding its global energy footprint.

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