HOUSTON – Houston-based ConocoPhillips is reporting a big quarterly loss due to low oil prices and the company said layoffs are possible.
Its fourth-quarter loss was $39 million compared with fourth-quarter earnings of $2.5 billion the year before.
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A spokesperson told Local 2 that "in addition to reducing our capital in 2015 we are implementing actions to control our costs, focusing on our controllable spending. As with our capital program we will be deferring, delaying or eliminating controllable costs where we can."
ConocoPhillips told Local 2 that employees have been informed that workforce reductions should be expected.