ConocoPhillips to cut more than 500 jobs in Houston area

HOUSTON – Energy giant ConocoPhillips said Tuesday it will reduce its global workforce by 10 percent, including cutting more than 500 job in the Houston area, due to the downturn in the oil industry.

"Our industry is undergoing a dramatic downturn, which has caused us to look at our future workforce needs. As we have assessed the implications of lower prices on our business, we've made the difficult decision that workforce reductions will be necessary," the company said in a statement.

ConocoPhillips employs 3,753 workers in Houston, and the company said more than 500 of those jobs will be cut.

The company's global workforce today is 18,100.

ConocoPhillips also said the company has reduced its capital spending and future deepwater exploration program.

Back in January, the company informed employees that workforce reductions should be expected.