Houston-based ConocoPhillips plans to lay off up to a quarter of its workforce as part of a broad restructuring effort by the oil and gas giant.

The company confirmed to various outlets including USA Today that it would be cutting between 20 and 25 percent of its staff. ConocoPhillips had around 12,000 employees at the end of last year according to its own estimates, and currently employs a total of roughly 13,000 globally, according to Reuters , meaning as many as 3,250 roles could be impacted by the decision.

"As we streamline our organization and take work out of the system, we will need fewer roles," CEO Ryan Lance said in a video message to employees and heard by Reuters .

Newsweek has contacted ConocoPhillips via email and through its website for further comment.

Why It Ma

See Full Page