U.S. oil and gas producer ConocoPhillips will cut 20-25% of its workforce as part of a broad restructuring, a company spokesperson said on Wednesday, after five sources told Reuters that CEO Ryan Lance detailed the plans in a morning video message.

Shares of the third-largest U.S. oil producer declined 4.5% to $94.55, outpacing a 2.6% drop in the broader S&P 500 Energy Index.

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. U.S. oil major Chevron announced it would lay off up to 20% of its staff in February, and other energy companies, including SLB and BP , are also cutting workforces.

"I know these changes create uncertainty, and they

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