For decades, big corporations have chipped away at the backbone of the American workforce. But this week, one oil giant crossed a line that should outrage every working family in this country.
ConocoPhillips, one of the wealthiest energy companies in the world, announced a plan that could leave thousands of Americans without a paycheck just before the holiday season in 2025. And the excuse their CEO gave for the move will leave you shaking your head.
Profits Up, Jobs Gone
On Wednesday, ConocoPhillips CEO Ryan Lance stunned employees with a grim company-wide video announcement. He revealed that between 20% and 25% of the global workforce will be eliminated. That translates to as many as 3,250 American jobs gone by December of next year.
His reasoning? The company supposedly needs “fewer roles” and is facing “rising costs.”
But here’s where it doesn’t add up.
ConocoPhillips just reported second-quarter earnings of $1.97 billion. Nearly $2 billion in profit in only three months. Yes, that’s a slight dip from the $2.33 billion they raked in the same quarter last year, but we’re still talking about billions in profit while thousands of loyal employees are being tossed aside.
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