Persistently low oil prices and rising costs have forced ConocoPhillips into laying off a bunch of employees, which Odessa oilman Kirk Edwards says should not surprise anyone.

He said the Houston-based company, which has a big presence in the Permian Basin, just announced a 25% workforce reduction that will affect roughly 3,000 employees by the end of the year. “CEO Ryan Lance cited a $2 per barrel increase in costs since 2021 with controllable expenses rising from $11 to $13 per barrel,” Edwards said. “This isn’t just a Conoco problem, it’s a flashing red warning light for the entire U.S. oil and gas industry.

“To me this is proof positive that a combination of high tariffs, regulatory drag and artificially low oil prices are taking a heavy toll on U.S.-based producers.”

He said rig co

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