U.S. oil giant ConocoPhillips informed its employees that it will reduce "20 to 25%" of its global workforce as part of a broad restructuring, the company confirmed to USA TODAY on Sept. 3.

Dennis Nuss, ConocoPhillips' director of media relations, said the cuts are part of "looking at how we can be more efficient with the resources we have" and that the majority of the layoffs will take place in 2025.

Reuters first reported that ConocoPhillips CEO Ryan Lance detailed the plans in a video message .

Falling oil prices have led to layoffs across the sector, with BP confirming that it would reduce 5% of its staff in January, Chevron reporting a 20% cut in February, and oil service company SLB announcing cuts the same month.

U.S. crude futures have decreased by about 11% so far in 20

See Full Page