11:57 AM EDT, 10/24/2025 (MT Newswires) -- (Updates to include a statement from a ConocoPhillips ( COP ) spokesperson in the last paragraph.)

ConocoPhillips ( COP ) is set to lay off workers in Canada in November as part of the company's efforts to reduce its global workforce by up to a quarter by 2026, Reuters reported Thursday, citing a company memo and three sources familiar with the matter.

The number of affected workers was not disclosed, Reuters said, adding that the company's website showed that it had 950 employees in Canada as of the end of 2024.

Reuters said the layoffs are set to start in the first week of November, according to the memo.

A ConocoPhillips ( COP ) spokesperson told MT Newswires that the company has informed its employees of a 20% to 25% global workforce reduction and that it will not share area-specific number of impacted employees. Most of the job cuts will be implemented this year, the spokesperson added.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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