Oil giant ConocoPhillips is planning to lay off up to a quarter of its workforce, amounting to thousands of jobs, as part of broader efforts from the company to cut costs

Oil giant ConocoPhillips announced Thursday that it will lay off about 25% of its workforce globally as part of a restructuring. Lower oil prices contributed.

ConocoPhillips plans to lay off a quarter of its workforce, according to the Associated Press (AP). AP reported a spokesperson for the oil company confirmed the layoffs on Wednesday. An estimated 20%-25% of ConocoPhillips' employees and contractors may be affected.

ConocoPhillips is implementing a reorganization, reducing its workforce by 20-25% to cut costs amid declining oil prices and rising expenses, with most layoffs occurring

Following the announcement, ConocoPhillips' stock price dropped approximately 4 percent. The company has already identified more than $1 billion in cost and margin optimizations, building on savings garnered from its Marathon Oil acquisition and other cost-cutting actions.

ConocoPhillips is cutting up to 25% of its workforce as part of a broad restructuring, a company spokesperson told CSP on Wednesday. CEO Ryan Lance detailed the plans in a morning video message, according to Reuters.

Oil giant ConocoPhillips is planning to lay off up to a quarter of its global workforce, amounting to thousands of jobs.

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.

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,